In the fast-paced world of banking and financial transactions, the constant evolution of fraud tactics poses a significant threat to institutions. As fraudsters move faster than ever, organizations must modernize their fraud mitigation strategies to stay ahead of the curve. With all the challenges faced by these modern fraud strategies, Rynoh introduced its latest solution, Verifi—an account validation service designed to combat payment fraud.
The Need for Modernization
The landscape of payment fraud is changing rapidly, with 63% of organizations faced fraud activity. Traditional binary decision-making systems often result in high false positive and false negative rates, allowing fraudsters to slip through while hindering the entry of legitimate customers. Institutions must adapt and embrace sophisticated algorithms that simultaneously consider multiple factors to ensure a seamless customer experience.
Rynoh’s Verifi: A Game-Changer in Account Validation
Rynoh takes a significant step in fortifying financial transactions with the launch of Verifi—an account validation. Traditionally known for transaction reconciliation, Rynoh acknowledges the growing threat of wire fraud and addresses it with this cutting-edge solution.
Key Features of Verifi
- Real-time safeguard against fraudulent activities
- Integration with a national early warning system owned by banks
- Ensures account numbers match payee information
- Seamless integration with the Rynoh platform, part of the full suite of Rynoh services
Impact on Payment Fraud
Payment fraud poses a significant challenge. In 2022, 10.3 billion dollars in cyber fraud was reported, and 1/3 of wire transactions were targeted by fraudsters. Verifi aims to stop these losses by providing immediate verification, eliminating the need to export and plug account information into another source to verify transactions.
Rynoh’s Go-To-Market Strategy
Rynoh’s move towards bundled services, with Verifi included in the full suite, aligns with their Go-To-Market strategy for 2024. The goal is to empower title agencies, agents, and offices with a comprehensive solution that enhances efficiency and fortifies the security of financial transactions.
As fraud trends in banking continue to evolve, institutions must embrace innovative solutions to protect their ecosystems. Rynoh’s Verifi stands as a beacon of security, offering a real-time defense against payment fraud and contributing to a safer financial transactions landscape. Stay ahead of the fraud curve—choose Verifi for a seamless and secure banking experience.
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