CHALLENGE
Money lost to fraud
Fraud prevention encompasses various challenges, including accurate identity verification, secure transactions, and mitigating the risk of financial losses. Traditional methods relying on manual and paper-based documentation are prone to forgery, tampering and human errors. Without adequate checks released funds can be lost to fraudsters.
SOLUTION
Real-time IBAN verification
By leveraging secure APIs, financial institutions can access real-time customer financial data directly from banks, facilitating enhanced identity and account verification. Through IBAN verification, providers can validate the accuracy and legitimacy of customer-provided account information, minimising the risk of fraud.
Events and Resources
Open Banking
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Bahrain
A first-of-its-kind partnership introduces centralized open banking authentication in Bahrain, creating a seamless, secure experience for consumers ...
Open Banking
The financial landscape is undergoing a profound transformation with the advent of Open Banking, which is growing at a staggering rate of 130% per ...
Open Banking
In an age where the speed of service can make or break a financial institution, the traditional loan approval process often feels like a relic of the ...