Fraud in payments
Payments fraud continues to cost the UK Financial Services Industry in excess of £1bn per year, with the methods of attack changing in terms of their sophistication and complexity. To protect against these fraudulent incidences, banks are using several core fraud threat analytics tools to capture historic customer data (such as transaction values, transaction geographic profiles and trusted beneficiaries) to enable them to identify unusual payment behaviour and patterns.
This report examines the next generation tools that can enhance fraud detection in payments systems, how they work in practice, and the benefits they offer.
News
23 November 2023 – Icon Solutions today announces that its Icon Payment Framework (IPF) – a low-code, cloud-native, open source-based technology framework used by leading banks globally – has been awarded ‘Qualified Software’ status by Amazon Web Services (AWS). Icon has also become a member of the Amazon Partner Network.
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News
Banks are increasingly turning to ‘low code’ for payments processing to take control of their transformation journey. Independent research conducted by Celent on behalf of Icon Solutions estimates that software developer capacity constraints have impacted banks’ payment revenues by 5% over the past two years.
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News
Icon Solutions launches FedNow scheme pack for its Icon Payments Framework (IPF) - U.S. banks can now connect to the FedNow Service in record time to provide innovative instant payment services to customers, ensuring recipients have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments.
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