Finix, the full-stack payment processor enabling businesses to accept and send payments online and in-store, today unveiled Advanced Fraud Monitoring, a new no-code capability powered by Sift to help businesses better detect, monitor for, and prevent fraudulent transactions. Advanced Fraud Monitoring builds on Finix’s existing security solutions and is available through a customized Sift console for both merchants and payments facilitator, offering tailored industry-leading fraud prevention at a competitive price per transaction.
Today’s fraudsters are more resourceful than ever, but Finix’s Advanced Fraud Monitoring hands the power back to businesses, providing tools that put them a step ahead. Key features include:
- Backtesting and Rule Simulation Testing: Businesses can now test and simulate fraud prevention rules before they go live, ensuring optimal effectiveness.
- Custom-Defined Rulesets: Users can define and tailor their own rulesets on top of existing Finix rulesets to fit specific business needs and fraud prevention strategies.
- Ongoing Finix Support for Custom Transaction Monitoring: Businesses can rely on ongoing support from Finix’s expert team to manage and adjust fraud monitoring settings in real-time.
With Advanced Fraud Monitoring, all customer transactions are screened using Finix’s expert fraud prevention rules and analyzed by Sift’s machine learning models, which assess more than 1 trillion events and identity signals per year. Finix’s fraud detection API automatically evaluates transactions, assigns risk scores, and blocks transactions that trigger fraud alerts. The capability checks for Bank Identification Number and card testing, suspicious IP activity, known fraudulent emails, email ages, and suspicious domains to prevent the creation of fake accounts and unauthorized deposits, transfers, and withdrawals in real-time.
Finix’s Advanced Fraud Monitoring solution is designed for ease of use and operation—no extra code or integration is needed to access these features. Simply connect with Finix’s gateway to process payments, and users are immediately connected to fraud monitoring. Users can also make updates to fraud rulesets without the need for developers, thanks to an intuitive, no-code dashboard.
This new offering combines Sift’s AI-powered fraud platform, managed fraud rulesets, and human expertise to deliver the most effective fraud detection available. By leveraging Sift’s platform and Finix’s comprehensive fraud detection capabilities, customers can confidently protect their transactions and funds. This allows Finix customers to focus on growing their business without the worry of fraudulent activities, knowing they are backed by a blend of advanced technology and dedicated human expertise.
“At Finix, ensuring the security of our customers’ transactions is our top priority, which is why we partnered with Sift to build industry-leading fraud prevention that’s accessible to any business, regardless of size or resources,” said Finix CEO and co-founder Richie Serna. “Without a single line of code, companies can implement and customize powerful, AI-driven fraud protection in a matter of clicks—no developer needed.”
“Payment service providers and payment facilitators are in the crosshairs as fraud actors continue to weaponize AI and automation,” said Armen Najarian, CMO at Sift. “By partnering with Finix, payment facilitators and merchants can keep fraud off their platforms and grow fearlessly.”
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