US-based Rippleshot has partnered with Flashpoint to pair Rippleshot’s compromised and high-risk merchant data and insights with Flashpoint’s Payment and Credit Card Fraud Mitigation solution. Equipped with tools such as AI/ML, automation, and data-driven strategies, Rippleshot’s cloud-based solution uses a data consortium of more than 4.

500 financial institutions and is updated daily. Using Rippleshot’s data and solutions, financial institutions can add to their existing fraud prevention strategies to detect compromised cards, data breaches and high-risk merchants, while also saving time and resources. Flashpoint’s Card Fraud Mitigation solution helps fraud teams detect compromised credit cards from illicit communities and data breaches and identify high-risk merchants before fraudulent transactions occur or multiply.

What does the partnership bring? Rippleshot extends Flashpoint’s capabilities to identify stolen cards and the individual merchants that have been compromised. This can offer financial institutions and card issuers the ability to detect card fraud more proactively, identify likely card fraud victims and risky merchants, and drive fraud loss avoidance. Common Point of Purchase (CPP) analysis can be a complex process for fraud teams as Flashpoint representatives put it.

The integration of Rippleshot’s high-risk merchant data into Flashpoint’s platform increases the speed and scale of identifying potential fraud across CPP. This means teams have the analysis, across multiple financial institutions, completed for them so they can focus on preventing fraud from occurring. AML and KYC in other news In a parallel move, international all-in-one verification software company Sumsub has announced the expansion in the US, following the opening of their first office in Miami, Florida.

Local clients can now add Social Security Numbers (SSNs) checks to verify users through the Social Security records and stay compliant with KYC/ AML regulations. SSN verification allows for background checks that can immediately alert about customer red flags, including liens, bankruptcies, criminal records, and others. With fraud attempts on the rise and the continues changes revolving the digital sector, the global identity verification market is expected to see a 24% growth annually, with North America accounting for about 30%.

However, navigating through the US market could prove a difficult task since each state proposes a unique set of compliance laws. On the other side of the Atlantic UK-based fraud prevention company Ondato has teamed up with Hawk AI to offer integrated AML and KYC processes. Through this partnership, Ondato and Hawk AI will jointly offer an integrated KYC validation process combined with AML Transaction monitoring and behavioural analytics suite.

Both solutions are modular and can be integrated quickly. The new platform offers financial institutions understanding of their exposure, with risk-based management of new and existing customers. The platform also provides increased process automation for efficiency and lower operating costs, minimising the risk of interventions and fines from regulatory authorities.

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