In an era where fraud has become increasingly sophisticated and costly, financial institutions are encountering a spike in threats, including synthetic identities, account takeovers, APP scams, BNPL abuse, and AI-driven bot fraud. Concurrently, the complexity of compliance requirements such as Anti-Money Laundering (AML), Know Your Customer (KYC), and sanctions screening is intensifying. These challenges have made fraud prevention a primary focus for banks, fintech companies, and payment solution providers globally.
Recently, KuppingerCole recognised Transmit Security as an Overall Leader in its Fraud Reduction Intelligence Platforms (FRIP) for Finance Leadership Compass, highlighting its significant role in the fight against fraudulent activities.
Recognition in the field
KuppingerCole's latest report evaluated prominent vendors in the FRIP sector across three dimensions: Product Leadership, which assesses the depth and completeness of features; Innovation Leadership, which looks at the vendor's ability to anticipate and implement cutting-edge capabilities; and Market Leadership, which reviews scale, reach, and financial stability.
Transmit Security achieved a pioneering status in all these categories, reinforcing its mission to assist financial institutions in combating fraud effectively while ensuring customer satisfaction.
Identity-centric approach
CIAM with fraud prevention, it enables corps to intercept fraudulent actions more accurately and earlier in the process
Transmit Security distinguishes itself with its identity-focused fraud prevention strategy. By merging Customer Identity and Access Management (CIAM) with fraud prevention, it enables organisations to intercept fraudulent activities more accurately and earlier in the process.
The platform offers remote onboarding with selfie-to-ID verification and liveness detection, orchestration with third-party AML/KYC providers, and in-network compromised credential intelligence.
Comprehensive fraud detection
The platform excels in addressing a broad spectrum of fraud types, from card fraud to mule accounts, APP scams, and synthetic identities, employing a multi-layered strategy.
It provides capabilities in credit card fraud detection (including CNP, CNR, counterfeit, testing, skimming, chargebacks), BNPL and lending fraud prevention, and government benefits and identity fraud detection.
Enhanced behavioural and device analysis
Transmit Security's SDKs and behavioural biometrics scrutinise device signals, user activities, and session behaviours
Transmit Security's SDKs and behavioural biometrics scrutinise device signals, user activities, and session behaviours to reveal underlying threats.
The system is proficient in identifying SIM swaps, malware, jailbroken devices, and unusual transaction patterns, employing adaptive challenges, throttling, and redirection to thwart bot attacks.
Predictive AI integration
The integration of Predictive AI into fraud investigations is a notable feature, providing analysts with tools to run natural language queries, create case summaries, and accelerate investigations with explainable insights.
This aligns with KuppingerCole's observation that Transmit Security’s fusion of CIAM and FRIP in a single platform offers a compelling advantage for financial institutions. This integration aids in reducing fraud, minimising false positives, and providing seamless customer experiences.
