Galileo Financial Technologies, a financial technology company and a subsidiary of SoFi Technologies, is delivering fintechs, banks and businesses new ways to fight fraud with the launch of Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore.
As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk management capabilities, addressing an industry in which 63% of financial firms reported an increase in fraud, with digital channels contributing to half of the total fraud losses.
Galileo Instant Verification Engine (GIVE) provides real-time verification of external bank accounts and ownership. Whether used as a standalone product or integrated with the Galileo Payment Risk Platform (PRP), GIVE delivers real-time insights that help businesses prevent fraud by quickly verifying account existence, status, and ownership before processing transactions.
GIVE is enhanced by its integration with the Galileo Payment Risk Platform, which uses a Transaction Decision Rules Engine. This engine applies customisable models, rules and profiles to each transaction, allowing for real-time, automated fraud prevention decisions tailored to the specific needs and risk appetite of each business.
The key benefits of GIVE
GIVE instantly verifies external bank account information, confirming its existence, status, and risk signals. This enables Galileo clients to make informed decisions when linking accounts or processing transactions, such as determining account status and risk associated with the account.
GIVE ensures that only authorised individuals can transact by verifying the ownership of external bank accounts. It matches the account holder’s name and personal information, such as social security number (SSN), date of birth, and address, against the provided owner details, which is particularly useful for preventing identity fraud.
By leveraging machine learning, the Galileo Instant Verification Engine generates risk scores that assess the probability of ACH returns and non-sufficient funds (NSF) issues, providing a comprehensive view of account reliability. This enables businesses to predict funding issues and take proactive measures to prevent them.
