Galileo Aims to Combat Fraud With Payment Risk Platform

Galileo Financial Technologies has unveiled its Payment Risk Platform to help combat fraud.

The tool, announced Thursday (Oct. 19), is a “holistic fraud engine” offering real-time payment risk mitigation controls to FinTechs and financial brands, the company said in a news release.

“In the fight against fraud, banks, FinTechs and program managers are constantly solving for two key challenges: minimizing fraud losses and maintaining the ability to tune anti-fraud strategies to respond to new threats and elevate the customer experience,” David Feuer, the company’s chief product officer, said in a news release.

“The Galileo Payment Risk Platform is designed to help financial brands do both by expanding and enhancing the availability of real-time fraud data and delivering technology tools that can allow in-house fraud teams to get ahead of emerging fraud patterns and reduce fraud losses.”

To help deal with those challenges, the release said, the platform lets companies that aren’t part of the Galileo processing ecosystem to integrate Galileo’s fraud application programming interfaces (APIs) to implement risk assessments and controls.

The platform also provides “custom-tailored risk controls based on client risk appetite,” the release said, while letting companies use “advanced data elements embedded into enhanced rules and machine learning-based models.”

PYMNTS Intelligence collaborated recently with Galileo on the latest Embedded Finance Tracker®, titled “Fast Finance and the Fight Against Fraud,” which shows fraud surging at an alarming pace, young Americans and financially strained consumers being disproportionately targeted by scammers.

The report also explores new financial sector attack vectors, as well as some of the new tactics being used to thwart impending threats and rebuilding consumer trust.

According to the report a notable 47% of retail banking consumers under the age of 40 have fallen victim to some sort of banking fraud, putting a spotlight on the vulnerability of young people in the digital age. 

“Additionally, half of those who are financially overextended — having more debt than they can repay — have also fallen victim to fraud,” PYMNTS recently.

Also this week, Galileo debuted a corporate credit tool designed to control expense management.

“Traditionally, managing thousands of employee charge cards and their individual credit limits has been a complex and time-consuming task for companies,” the company said in a news release. “The Galileo Corporate Credit solution simplifies this process by introducing a central account with a single credit limit for FinTechs and non-financial brands to facilitate a streamlined billing cycle and enable corporate-level repayments.”