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
NatWest has announced a strategic minority investment in Icon Solutions, a leading fintech provider of payments technology and consultancy services. The investment follows the news last September that NatWest selected Icon Solutions Payments Framework (IPF) to accelerate the bank’s payments modernisation.
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News
New York, NY: Citi Treasury and Trade Solutions (TTS), within Citi’s Services organization, has made an investment in Icon Solutions, a leading fintech provider of payments technology and consultancy services. In addition to the investment, Citi plans to expand its use of the Icon Payments Framework (IPF) to enhance its micro-services orchestration architecture. This investment and relationship with Icon Solutions demonstrates Citi’s strategy of working with fintechs to strengthen its technology and payments capabilities.
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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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