Symcor Launches AI-Powered Solution to Mitigate Payment Fraud in Canada

One of Canada’s leading business solutions provider this week announced a new launch toaddress the escalating challenge of Authorized Push Payment fraud, which is where unsuspecting individuals are deceived into electronically transferring funds to fraudulent accounts.

The solution from Toronto’s Symcor is Payee Verify, which leverages artificial intelligence and networked data to proactively detect fraudulent activities during account-to-account transfers.

Mitigating fraud in authorized transactions is an ongoing challenge for financial institutions as negative customer experiences erode trust and loyalty, according to Sanjeev Chib, vice president of digital security solutions at Symcor, with associated losses stretching into the billions annually.

Payee Verify assesses potential risks associated with outgoing transactions in real-time, Chib explains, mitigating the risk of fraudulent payments before they are processed.

“Symcor’s Payee Verify safeguards consumers and bolsters confidence in the financial marketplace by enhancing due diligence on the payee side,” Chib stated. “As fraudsters exploit the rapid and often irreversible nature of account-to-account payments, they capitalize on the limited fraud protection available to individuals who may not recognize the tactics used by malicious actors.”

Payee Verify integrates into financial institutions’ existing payment infrastructure, helping prevent suspicious transactions from being processed, according to Saba Shariff, who serves Symcor as senior vice president and chief of strategy, product, and innovation.

“For more than a decade, Symcor has been dedicated to assisting financial institutions in fortifying their defenses against emerging fraud risks through the COR.IQ suite of fraud management solutions,” says Shariff. “The introduction of Payee Verify, a real-time transaction monitoring solution built on a market-leading fraud platform, underscores our unwavering commitment to fostering a secure and innovative financial ecosystem.”

The solution aims to protect all Canadians, particularly the elderly and vulnerable, according to a statement from the company.

“By addressing a critical gap in risk management, Payee Verify empowers risk management teams with a robust tool to proactively combat Authorized Push Payment fraud,” Shariff said.

Symcor was founded in 1996.