SALT LAKE CITY, September 20, 2022 – Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), has expanded its Galileo Payment Risk Platform jointly with DataVisor, a market leader in fraud and risk management, to offer robust fraud management solutions that help clients mitigate risk with precision and speed.
Payment card fraud transactions are forecasted to rise 20% to $38.5 billion by 2027, as fraudsters continue to employ more sophisticated techniques. The Galileo Payment Risk Platform targets every corner of the payments ecosystem by combining Galileo’s industry knowledge in fraud analytics and payments with DataVisor’s advanced AI technology and powerful end-to-end fraud and risk management platform capability. Expanded platform capabilities support debit and credit card transactions, ACH, as well as provisioning/onboarding to protect clients against a variety of payments fraud.
“The new Galileo Payment Risk Platform was built to anticipate clients’ needs and meet the evolving demands of today’s payment risk environment. It’s highly flexible and customizable to align with businesses’ needs, risk tolerance and customer preferences,” said David Feuer, Chief Product Officer at Galileo. “Through our evolving Galileo Payment Risk Platform, we continue to invest in protecting our clients with automated fraud mitigation technology that delivers rapid responses, intelligent decisioning and tailored solutions through flexible APIs.”
Recent research by DataVisor shows that 75% of businesses believe developing better fraud detection processes is important. Launched in partnership with DataVisor, Galileo’s next gen fraud and risk platform provides a seamless, open-API integration while providing a dynamic risk management offering powered by machine learning technology to identify fraud patterns and proactively reduce fraud losses.
“We are proud to integrate our sophisticated AI-powered solution into Galileo’s infrastructure and enable a layered approach to payments risks and security,” said Yinglian Xie, Co-founder and CEO of DataVisor. “As fraud remains a big concern for businesses, our partnership showcases our common commitment for business and customer protection.”
Galileo’s approach to fraud mitigation focuses on combining the power of people, technology and data with direct access to trained fraud analysts equipped to inform businesses’ card fraud mitigation strategies. Galileo and DataVisor’s technologies pinpoint operational and transactional fraud risks and can improve ROI through access to fraud intelligence derived from more than 100M unique spend patterns.
For more information about the Galileo Payment Risk Platform, visit www.galileo-ft.com.