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Form3 x Feedzai
The fight against fraud
The landscape of financial crime is witnessing a disturbing trend with APP fraud rapidly escalating, with a 22% increase in cases year on year. This surge in fraudulent activities has resulted in substantial financial repercussions, amounting to losses of 485 million in addition to the mental harm done to victims.
Form3 have partnered with Feedzai to deliver a new industry benchmark, with the first APP fraud solution to offer both outbound and inbound transaction monitoring through our unique ‘Collaborative Intelligence’. This is crucial as with APP fraud it is not about who sends the payment, but who receives it.
What is collaborative intelligence?
Collaborative Intelligence is critical to being able to better identify and prevent APP Fraud by understanding pattern behaviour of both the sending and receiving parties through detection of fraudulent behaviour and minimising false positives.Our solution enables financial institutions to collaborate on a shared single machine learning model in a secure environment.
Key features
Model performance
Achieve Best-in-Class detection rates through enriched intelligence
70%+ VDR on Inbound and Outbound transactions at 20:1 false positives
In-consortium transaction scoring reduces false positive rates by 80%+
Lower Fraud losses significantly
Ease of Adoption
Single API for connectivity
High performing availability and latency
Augment your existing fraud controls
Built on existing FPS Payment Message and Fraud labels
Improved CX
Reduce friction on non-fraud payments
Provide explainability to your operations teams to manage customer interactions
Reduce brand exposure from negative Fraud performance
Process payments in real-time
How it works
Form3 FinCrime Orchestration on Outbound Payments allows banks to augment their own screening with additional intelligence being gathered from Anti-Financial Crime Providers, including Fraud Prevention, Sanction Screening and AML, and then shared via subscription to your decisioning platform before Form3 takes your recommended action on the payment - including Hold, Reject or Pass.
01. Submit payment to Form3.
02. Execute FinCrime Orchestration.
03. Request insights.
04. Return insights.
05. Return insights from partners.
06. Return decision.
07. Process outcome.
Form3 FinCrime Orchestration on Inbound Payments operates as an additional layer of Financial Crime monitoring within the Form3 estate before the payment clears to the receiving bank account. This allows banks to augment their own screening with additional intelligence being gathered from Anti-Financial Crime Providers, including Fraud Prevention, Sanction Screening and AML, and then shared via subscription to your decisioning platform before Form3 takes your recommended action on the payment - including Hold, Generate a Return or Pass.
01. Receive payment from scheme.
02. Accept payment.
03. Execute FinCrime Orchestration.
04. Request insights.
05. Return insights.
06. Return insights from partners.
07. Return decision.
08. Process outcome.
Form3 FinCrime Orchestration on Outbound Payments allows banks to augment their own screening with additional intelligence being gathered from Anti-Financial Crime Providers, including Fraud Prevention, Sanction Screening and AML, and then shared via subscription to your decisioning platform before Form3 takes your recommended action on the payment - including Hold, Reject or Pass.
01. Submit payment to Form3.
02. Execute FinCrime Orchestration.
03. Request insights.
04. Return insights.
05. Return insights from partners.
06. Return decision.
07. Process outcome.
Form3 FinCrime Orchestration on Inbound Payments operates as an additional layer of Financial Crime monitoring within the Form3 estate before the payment clears to the receiving bank account. This allows banks to augment their own screening with additional intelligence being gathered from Anti-Financial Crime Providers, including Fraud Prevention, Sanction Screening and AML, and then shared via subscription to your decisioning platform before Form3 takes your recommended action on the payment - including Hold, Generate a Return or Pass.
01. Receive payment from scheme.
02. Accept payment.
03. Execute FinCrime Orchestration.
04. Request insights.
05. Return insights.
06. Return insights from partners.
07. Return decision.
08. Process outcome.
