Financial services technology company FIS has announced that it has integrated the IBM Safer Payments solution with its P2P (person-to-person) services to better help US financial institutions prevent fraud on real-time P2P payment services.
As consumer usage of real-time P2P services continues to grow at a rapid rate, banks and other financial institutions need advanced ways to identify and prevent fraudulent transactions on even small-dollar amounts.
FIS has integrated IBM Safer Payments within its P2P payment products offered to FIS clients in the US. The enhanced offering uses artificial intelligence (AI) and machine learning to monitor high-volumes of P2P transactions and provide real-time detection and decisioning.
Since integrating the IBM Safer Payments fraud detection solution, FIS says it has seen a significant reduction in attempted and completed fraudulent transactions as reported by its P2P payment services clients.
“Criminals are growing ever-more sophisticated in their methods for conducting payments fraud and they are increasingly targeting P2P services due to the growth in this market,” said Jim Johnson, head of Americas Payments and Wealth at FIS. “FIS is excited to incorporate IBM Safer Payments to provide the highest level of fraud protection to our US clients and their customers who rely on P2P services for fast, convenient payments.”
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