With financial fraud continually on the rise across Europe, businesses are facing increasingly sophisticated scams involving account-to-account transactions.
Recognising evolving challenges related to fraud, Intergiro, a white-label fintech platform, and Movitz, the payment fintech, have joined forces to combat financial fraud by building advanced payment verification solutions which financial institutions can leverage to enhance the security of their customers as they make payments online.
Fraudulent transactions totalled €4.3billion in 2022 and €2billion in the first half of 2023, and there is no sign that they are set to drop anytime soon. In a move to combat this, Intergiro and Movitz plan to develop new account verification tools, for use by a wide range of financial institutions including Intergiro itself.
Intergiro will integrate these payment verification solutions directly within its digital banking product portfolio, building on its existing partnership with fraud prevention expert SEON, to protect its customers from financial fraud.
“Financial security requires staying ahead of evolving threats,” explained Ben Taylor, COO at Intergiro. “Our partnership with Movitz equips financial institutions and their customers with proactive tooling to counter financial fraud, allowing them to focus on growth with complete transaction confidence.”
By utilising these payment verification solutions, financial institutions will be able to offer customers real-time verification of beneficiary payment details to reduce fraud risk, eliminate manual checks and delays, and give customers confidence in safe, immediate transactions.
Movitz also deploys comprehensive global verification networks to secure payments worldwide, enabling reliable and trustworthy cross-border transactions. The solution’s security interface integrates within financial institution’s platforms, enabling customers to receive instant feedback on transaction validity, offering clear insights and full control over their financial activities.
Magnus Hedenberg, CEO of Movitz, also added: “At Movitz, we are passionate about preventing financial fraud and providing secure payment environments. Our partnership with Intergiro greatly enhances our capability to deliver advanced account verification solutions globally, ensuring customers benefit from secure, seamless and verified transactions.”
