Galileo Financial Technologies, a subsidiary of SoFi Technologies, has introduced Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore, coming as a response to the increasing need for advanced security measures in financial transactions.
With 63% of financial firms reporting a rise in fraud, especially through digital channels which account for half of the fraud losses, these tools are designed to meet the urgent demand for efficient fraud detection and management.
Galileo Financial Technologies specialises in providing cutting-edge technological solutions to enhance the operations of financial institutions, fintechs, and businesses. Their services are essential in facilitating secure and efficient digital transactions across various platforms.
GIVE offers real-time verification of external bank accounts and ownership, allowing for immediate fraud prevention measures. It is integrated with Galileo’s Payment Risk Platform, which employs a Transaction Decision Rules Engine for customised, automated fraud prevention decisions.
GScore is a machine-learning-based risk score that evaluates the potential risk of card transactions in real-time. It adds a sophisticated layer of fraud detection that complements the capabilities of the Galileo Payment Risk Platform, tailored to the specific needs of clients.
These products significantly reduce the risk and occurrence of fraud by providing crucial real-time data and risk assessments, thus ensuring a more secure financial transaction environment. They are designed to be scalable, accommodating the growth and expansion of businesses into new markets without disrupting existing systems.
Galileo’s new tools, GIVE and GScore, are not just innovations; they represent a pivotal advancement in combating financial fraud, ensuring that businesses can maintain high security and operational efficiency in an increasingly digital landscape.
“By harnessing advanced machine learning and real-time data, we’re setting a new standard for how businesses safeguard their customers and their operations,” David Feuer, chief product officer at Galileo Financial Technologies, said.
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