Full-stack payment processor Finix has introduced Advanced Fraud Monitoring, a no-code solution powered by artificial intelligence (AI)-driven fraud platform Sift.
The new capability aims to help businesses detect, monitor, and prevent fraudulent transactions, expanding on Finix’s existing suite of security offerings.
The Advanced Fraud Monitoring feature is accessible through a personalised Sift console for both merchants and payment facilitators. It is said to offer tailored industry-leading fraud prevention at competitive transaction costs.
Key functionalities of the solution include backtesting and rule simulation, which allow businesses to test fraud prevention rules before implementation.
Users can also create custom-defined rulesets tailored to their specific business requirements, supplementing Finix’s default rulesets. Additionally, ongoing support from Finix enables businesses to adjust and manage fraud monitoring in real time.
All customer transactions are evaluated by leveraging Finix’s fraud detection rules and Sift’s machine learning models that analyse over one trillion events and identity signals annually.
Finix’s fraud detection application programming interface (API) automatically evaluate transactions, assigns risk scores, and blocks transactions that cause fraud alerts.
The solution monitors for indicators such as suspicious IP addresses, bank identification number, fraudulent emails, and unusual card testing, aiming to prevent unauthorised account creation, deposits, transfers, and withdrawals in real time.
Sift chief marketing officer Armen Najarian said: “Payment service providers and payment facilitators are in the crosshairs as fraud actors continue to weaponise AI and automation.
“By partnering with Finix, payment facilitators and merchants can keep fraud off their platforms and grow fearlessly.”
The fraud monitoring tool is designed for ease of use, requiring no additional code or complex integration.
Businesses connected to Finix’s payment gateway are automatically equipped with the feature, while an intuitive no-code dashboard allows users to update fraud rules without developer assistance.
By integrating Sift’s AI-powered fraud platform with Finix’s monitoring capabilities, the service is expected to deliver robust protection against fraudulent activities.
Finix CEO and co-founder Richie Serna said: “At Finix, ensuring the security of our customers’ transactions is our top priority, which is why we partnered with Sift to build industry-leading fraud prevention that’s accessible to any business, regardless of size or resources.
“Without a single line of code, companies can implement and customise powerful, AI-driven fraud protection in a matter of clicks—no developer needed.”
