SALT LAKE CITY--(BUSINESS WIRE)--Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (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.
Payment card fraud transactions are forecasted to rise 20% to $38.5 billion by 2027, as fraudsters continue to employ more sophisticated techniques. 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. 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 new Galileo Payment Risk Platform was built to anticipate clients’ needs and meet the evolving demands of today’s payment risk environment. It’s highly flexible and customizable to align with businesses’ needs, risk tolerance and customer preferences,” said David Feuer, Chief Product Officer at Galileo. “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.”
Recent research by DataVisor shows that 75% of businesses believe developing better fraud detection processes is important. Launched in partnership with DataVisor, Galileo’s next gen fraud and risk platform provides a seamless, open-API integration while providing a dynamic risk management offering powered by machine learning technology to identify fraud patterns and proactively reduce fraud losses.
“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. “As fraud remains a big concern for businesses, our partnership showcases our common commitment for business and customer protection.”
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. 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.
For more information about the Galileo Payment Risk Platform, visit www.galileo-ft.com.
About Galileo Financial Technologies
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 removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. 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. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.
DataVisor 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. 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. DataVisor is recognized as an industry leader and has been adopted by many Fortune 500 companies across the globe.