UK-based lender HSBC has partnered with ValidiFI, a provider of predictive data and analytics solutions, to enhance its bank account validation and fraud monitoring capabilities.
This collaboration aims to reinforce HSBC’s efforts to modernize payment security and protect customers against fraud, scams and mule accounts.
ValidiFI will provide HSBC with advanced solutions to ensure the integrity of accounts used for credit card payments.
HSBC will leverage ValidiFI data intelligence to verify account ownership, detect fraudulent activity and identify suspicious patterns in bank accounts.
The implementation involves real-time validation for newly registered accounts and continuous monitoring to identify emerging fraud signals.
This partnership addresses the growing need for sophisticated tools to combat threats such as synthetic identities and payment scams.
John Phelan, head of US lending and retail products at HSBC, said: “It is essential to provide customers with efficient and secure ways to make credit card payments.
“Our innovation and transformation efforts in personal banking require advanced anti-fraud services, like those offered by ValidiFI, that protect our customers.”
ValidiFI said its solutions will allow HSBC to verify that payments come from legitimate sources, detect risks before transactions occur and analyze behavioral patterns to prevent scams and misuse.
Continuous monitoring will help HSBC adapt to evolving fraud tactics, ensuring a safe banking environment.
ValidiFI offers insights through its Omni platform to help financial institutions validate accounts, detect fraud, and assess credit risk.
By examining the connections between bank accounts, consumers and payment behaviors, the company provides a comprehensive view of transactions.
John Gordon, CEO of ValidiFI, said: “HSBC is setting a new standard in payment security by proactively adopting technologies that go beyond traditional fraud prevention.
“Their decision to implement our intelligence platform demonstrates a clear commitment to safeguarding customer transactions and staying ahead of increasingly complex payment schemes.”
Last week, Reuters reported that HSBC announced a strategic assessment of its retail banking operations in Egypt, as part of its ongoing global restructuring efforts.
“HSBC partners with ValidiFI to improve fraud monitoring” was created and originally published by Retail Banker International, a brand owned by GlobalData.
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