To counter this, a number of companies are implementing additional checks in their payment processes, like sending one-time passwords to shoppers’ phones, but the extra steps can be a deterrent for potential customers, which hurts the store’s bottom line. With the rise in popularity of online shopping, we have seen a steep increase in so-called “card-not-present” fraud, where credit card data (including security code) is stolen and used without the physical card ever leaving the owner’s wallet. View source version on businesswire.Every year, credit card fraud causes massive losses for banks, businesses and their customers, and prevention is a constant race between programmers and criminals. DataVisor is recognized as an industry leader and has been adopted by many Fortune 500 companies across the globe. Its comprehensive solution suite combines patented machine learning technology with native device intelligence and a powerful decision engine to provide protection for the entire customer lifecycle across industries and use cases. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.ĭataVisor is the world’s leading fraud and risk management platform that enables organizations to respond to fast-evolving fraud attacks and mitigate risks as they happen in real time. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo and DataVisor’s technologies pinpoint operational and transactional fraud risks and can improve ROI through access to fraud intelligence derived from more than 100M unique spend patterns.įor more information about the Galileo Payment Risk Platform, visit About Galileo Financial Technologies Galileo’s approach to fraud mitigation focuses on combining the power of people, technology and data with direct access to trained fraud analysts equipped to inform businesses’ card fraud mitigation strategies. "As fraud remains a big concern for businesses, our partnership showcases our common commitment for business and customer protection." "We are proud to integrate our sophisticated AI-powered solution into Galileo’s infrastructure and enable a layered approach to payments risks and security," said Yinglian Xie, Co-founder and CEO of DataVisor. "Through our evolving Galileo Payment Risk Platform, we continue to invest in protecting our clients with automated fraud mitigation technology that delivers rapid responses, intelligent decisioning and tailored solutions through flexible APIs." It’s highly flexible and customizable to align with businesses’ needs, risk tolerance and customer preferences," said David Feuer, Chief Product Officer at Galileo. "The new Galileo Payment Risk Platform was built to anticipate clients’ needs and meet the evolving demands of today’s payment risk environment. Expanded platform capabilities support debit and credit card transactions, ACH, as well as provisioning/onboarding to protect clients against a variety of payments fraud. The Galileo Payment Risk Platform targets every corner of the payments ecosystem by combining Galileo’s industry knowledge in fraud analytics and payments with DataVisor’s advanced AI technology and powerful end-to-end fraud and risk management platform capability. Payment card fraud transactions are forecasted to rise 20% to $38.5 billion by 2027, as fraudsters continue to employ more sophisticated techniques. (NASDAQ: SOFI), has expanded its Galileo Payment Risk Platform jointly with DataVisor, a market leader in fraud and risk management, to offer robust fraud management solutions that help clients mitigate risk with precision and speed. SALT LAKE CITY, September 20, 2022-( BUSINESS WIRE)-Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. Platform taps new DataVisor partnership and Galileo’s risk-scoring fraud engine to help clients proactively mitigate payments risk
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