Trapets partners with ThreatFabric against financial crime
In today's current fraud landscape, detecting payment fraud risk from customer devices and their usage has become a crucial concern for financial institutions, as more and more financial transactions are conducted digitally. We are therefore thrilled to announce a new partnership with the Swedish company Trapets, that provides software as a service (SaaS) to companies to automate compliance processes and comply with anti-money laundry directives and market abuse regulations to fight financial crime.
By combining our expertise in online payment fraud detection and malware analysis with Trapets' expertise in knowing your customers and transactional monitoring, we will have the ability to assist financial institutions in proactively managing the risk of evolving payment fraud. This partnership will enable us to enhance our products and services to help financial institutions safeguard both themselves and their customers through added layers of fraud risk detection.
Specifically, this collaboration empowers Trapets to improve their detection of social engineering attacks on end-users by adding ThreatFabric’s technical and behavioral (device level) data points based on user activity. In return, with the data points provided by Trapets based on AML, KYC, and transaction monitoring, ThreatFabric can draw more accurate and meaningful conclusions about the data we provide. Our combined efforts are particularly beneficial for banks, as it will lead to a reduction in the false positive ratio, resulting in fewer tickets and an overall smoother experience for customers.
Since online fraud detection is a cat and mouse game with cybercriminals, financial institutions will benefit from our combined industry leading security research with a clever and holistic omni-channel approach to detection. To keep the end-users’ experience frictionless and on-task, our solution will run unnoticed and undetectable in the background of the most trusted component on the end-user’s device: the bank app itself. This way we can ensure that payments are safe, regardless of the device’s security level. As a result, providing banks and financial institutions with a more holistic approach to identifying and mitigating payment fraud risks.
“We're thrilled to partner with Trapets, one of the market leaders providing financial crime solutions, says Han Sahin, CEO of ThreatFabric. Together, we'll leverage our expertise to better serve our customers in the rapidly evolving financial industry. We're optimistic about the partnership's potential and look forward to working with Trapets to detect and prevent financial crime more efficiently.”
For more information about Trapets, please visit. https://www.trapets.com/.