Symcor, Canada's leading business solutions provider, announces the launch of Payee Verify to address the escalating challenge of Authorized Push Payment (APP) fraud where unsuspecting individuals are deceived into electronically transferring funds to fraudulent accounts.
Mitigating fraud in authorized transactions is an ongoing challenge for financial institutions as negative customer experiences erode trust and loyalty. Across real-time payment markets including U.S., U.K., India, Australia, Brazil and Saudi Arabia, losses due to APP fraud are projected to reach a staggering $6.8 billion by 2027.1
By combining artificial intelligence and networked data, Payee Verify proactively detects fraudulent activities during account-to-account transfers to help safeguard customers from falling prey to APP scams. Payee Verify assesses potential risks associated with outgoing transactions in real-time, mitigating the risk of fraudulent payments before they are processed.
"Symcor's Payee Verify safeguards consumers and bolsters confidence in the financial marketplace by enhancing due diligence on the payee side," says Sanjeev Chib, VP Digital Security Solutions at Symcor. "As fraudsters exploit the rapid and often irreversible nature of account-to-account payments, they capitalize on the limited fraud protection available to individuals who may not recognize the tactics used by malicious actors."
Payee Verify will seamlessly integrate into financial institutions' existing payment infrastructure, helping to prevent suspicious transactions from being processed. The solution aims to protect Canadians, particularly the elderly and vulnerable, from APP fraud and enables financial institutions to provide a seamless and positive experience for their customers. Financial institutions maintain the trust of their customers, avoid prolonged fraud investigations and lower operational costs associated with managing fraud.
"For more than a decade, Symcor has been dedicated to assisting financial institutions in fortifying their defenses against emerging fraud risks through the COR.IQ suite of fraud management solutions", says Saba Shariff, SVP, Chief Strategy, Product & Innovation Officer at Symcor. "The introduction of Payee Verify, a real-time transaction monitoring solution built on a market-leading fraud platform, underscores our unwavering commitment to fostering a secure and innovative financial ecosystem. By addressing a critical gap in risk management, Payee Verify empowers risk management teams with a robust tool to proactively combat Authorized Push Payment fraud."
For over 25 years, Symcor has successfully aligned market participants to address common industry-wide challenges. With proven ability to meet rapidly evolving market needs, Symcor offers efficient and scalable solutions that balance the agility clients want with the security they need.