RISK IDENT Lands Top Honors in Fintech Breakthrough Awards
It’s no secret by now that security is still one of the biggest concerns that mobile payments users have. With good reason, too; a lot of mobile payments systems are linked either directly to our bank accounts with a debit card or to one of the things that best describes our credit-worthiness in a credit card. Finding and cutting out fraud, root and branch, is therefore a major priority, one that businesses like RISK IDENT take very seriously.
RISK IDENT, in fact, takes it so seriously that it won top honors in this year’s Fintech Breakthrough Awards in the Best Financial Transaction Security Company category. Earlier winners of this particular honor included Quicken Loans, Square, and Xero. As for what prompted the nod, RISK IDENT landed its award for its anti-fraud solutions geared mainly toward larger companies, and its wide scope of operations. .
The product line itself uses artificial intelligence (AI) to reduce the gray area that commonly exists between a merely unconventional transaction and an actively fraudulent one. The better a job companies can do in making that distinction, the more likely they are to catch fraud in the act without getting in the way of a user’s normal operations.
Fintech Breakthrough’s managing director James Johnson noted “One of the most exciting developments within the Fintech industry is with the development and integration of artificial intelligence-based technology for a myriad of applications. RISK IDENT is delivering a compelling AI-based solution in areas such as fraud prevention and financial transaction security and we are pleased to recognize them in their significant achievements and Fintech industry contributions.”
RISK IDENT’s systems are definitely going to be useful for the mobile payments end user here, even if most will never actually use it themselves. The payment processors and other companies that put it to work, meanwhile, will benefit greatly from it thanks to the great potential it has to stop fraud in its tracks. Fraud can be tough to stop; react too lightly and fraud just slides on through. React too harshly, meanwhile, and every out-of-the-ordinary transaction gets stopped, making customers annoyed.
RISK IDENT helps balance the equation that is suspicious transactions, and we may now have a tool to help stop problems before they become nightmares.