It seems everyone is jumping on the real-time fraud protection bandwagon.
Less than a week ago, we highlighted news that Plaid was taking a network approach to fraud. This week, fraud prevention and compliance provider, Sardine announced its own solution.
SardineX is a consortium of financial institutions and fintechs that are joining forces to combat real-time fraud.
Until now, large pockets of the financial system have remained blind spots for fraud due to the lack of data sharing. Participants of SardineX share their fraud and compliance-related data in a single database available to all. It can be fed into in-house fraud prevention software uncovering instances of repeat fraud and flagging users and activity that seem suspicious.
The news comes just a few days shy of July and FedNow’s proposed launch, so it’s hard to ignore that the move may be related. Real-time payments have come with increased rates of fraud, with fraudsters taking advantage of its inherent weakness in recovering funds once sent.
Large names have already jumped on board, so the solution is poised to make significant steps toward reducing fraud, even within the environment of faster payments.
From Fintech Nexus
 GlobalSardine makes major announcements to stop fraud By Isabelle Castro Margaroli Sardine, a leader in the fraud prevention and compliance space has upped its game against widespread fraud. |
Podcast
The Fintech Coffee Break – Ben Borodach, April
This week Isabelle sat down with Ben Borodach to talk about how fintech can make tax decisions a part of everyday life… Listen Now
Editorial Cartoon
Webinar
| Double Whammy: How Criminals Exploit Economic Turbulence and New Technology to Attack Fintechs and Banks June 28, 2pm EDT Fintech innovators and financial services institutions alike are navigating a broadly uncertain economic environment spiked… Register Now |
Tweet of the Day
Also Making News
- USA: In-App, Instant, In-Store Payments Incoming. Wallets are the key to alternative payment networks, so there must be an opportunity to use them provide real competition to cards in U.K. retail just as in the U.S.
- USA: Square rounds out banking services with rewards that pay for processing The Block unit’s new American Express card credits users with $1 in payment-processing fees for every $3 they spend on business expenses. It’s also offering new loan terms and other tools for managing expenses and cash flow.
- USA: Curb Your AI Enthusiasm: Just Look at the Insurtech Carnage Takeover hopes at embattled car insurer Root shouldn’t obscure a broader message for investors: Many traditional industries are impervious to technological revolutions.
- USA: Nevada Files to Place Crypto Custodian Prime Trust Into Receivership Move follows cease-and-desist order as regulator points to shortfall of roughly $83 million in customer funds.
- USA: What banks are prioritizing and focusing on for the rest of 2023 As the economic tides shift, financial institutions are also changing gears and focusing on different use cases and challenges according to a recent report by Jack Henry.
- USA: What Banks Are Getting Wrong About The Big Tech Threat Are Google, Apple and others looking to become banks? The answer is likely no but that doesn’t mean banks can breathe easy. Big tech is eying something more valuable.
- USA: Cybercrime is digital banking’s greatest threat, bankers say About 90% of surveyed bankers said cybersecurity was their biggest worry, ahead of legacy tech and talent shortage issues.
- USA: No SSN, no problem, says Maza, a fintech startup aimed at undocumented immigrants Andreessen Horowitz (a16z) led the $8 million seed round for Maza, which has amassed over 50,000 users to date.
- Europe: UK legal body recommends new property law category for crypto assets UK law can accommodate crypto assets by creating a new category of personal property that would include digital assets, independent body the Law Commission said on Wednesday.
