EBA Clearing has recruited a raft of European banks to undertake data model training for a new fraud fighting feature for account-to-account and instant payments.
The pan-European organisation has tapped nine banks from six countries from across the continent to participate in the study which will be undertaken throughout the summer months.
The specifications for its pan-European Fraud Pattern and Anomaly Detection (FPAD) functionality has been issued, alongside a developer portal, including a sandbox, to support users in the development and testing of FPAD’s application programming interfaces (APIs).
FPAD will cover a broad range of real-time fraud prevention and detection tools, including an Iban/name check, to support the fraud-fighting efforts of payment service providers (PSPs) across Europe.
Jaco Struik, global head fraud services at ING, commented: “We have been pleased to participate in the FPAD design and analytical pilot phases, because we believe FPAD can make a real difference for fraud combatting. It will feed us new insights that only a network view can provide, which will help us to better detect and prevent payment fraud going forward.”
Deployment will start with a post-transaction investigation feature as well as transaction and account risk assessment functions, which can be utilised by users before executing a transaction.
Raphael Barisaac, global head of payments & cash management at UniCredit, added “Instant payments are growing fast, so a higher level of security and better fraud fighting tools are needed. With FPAD, all banks from all over Europe are joining forces – with a systemic approach – to take fraud-fighting capabilities to the next level in the SEPA perimeter.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global