Galileo Financial Technologies has launched GIVE and the Transaction Risk GScore providing fintechs, banks, and businesses with solutions to combat fraud. As digital transactions rise and cyber threats grow, advanced tools provide fintechs and financial institutions with real-time fraud detection and risk management.

This is crucial as 63% of financial firms report increased fraud, with digital channels accounting for half of the losses. Galileo Instant Verification Engine prevents fraud Galileo Instant Verification Engine (GIVE) offers real-time verification of external bank accounts and their ownership. Whether used as an independent solution or integrated with the Galileo Payment Risk Platform (PRP), GIVE provides insights that assist businesses in preventing fraud by confirming account existence, status, and ownership prior to transaction processing.

GIVE is further upgraded through its connection with the Galileo Payment Risk Platform, which features a Transaction Decision Rules Engine. This engine employs customisable models, rules, and profiles for each transaction, enabling real-time, automated fraud prevention decisions tailored to each business's needs and risk tolerance. The key benefits of GIVE include Instant account verification: confirms external bank account details, aiding informed decisions for linking and transactions. Instant identity verification: ensures authorised transactions by matching account holder information to prevent identity fraud. Account risk profiling: uses machine learning to generate risk scores, helping predict funding issues and assess account reliability. Better user experience: facilitates secure transactions without requiring credential input from customers, ensuring a simplified process.

The Galileo Instant Verification Engine diminishes the likelihood of fraud by offering real-time verification of external bank accounts and their ownership. This reduces verification times from several days to seconds. As a result, it lowers customer drop-off rates – from almost 50% with traditional methods like Micro-deposit Authentication (MDA) to as low as 1%.

Additionally, it helps the overall customer experience across various channels, including ACH, FedNow, wire transfers, and check deposits, ensuring a secure transaction process. The Galileo Instant Verification Engine and GScore enable financial institutions, fintech companies, and businesses to tackle the challenges of a rapidly evolving digital financial environment. These tools help minimise fraud, and operational efficiency, and provide a better customer experience across various payment channels.

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