November 13, 2018
ThreatMetrix and Data Action Enter Reseller Agreement to Help Combat Payments Fraud
Posted March 1, 2018
Adelaide, Australia – (February 29, 2018) Data Action, a leader in cloud-hosted banking solutions in Australia, today announced it has become a reseller for ThreatMetrix®, A LexisNexis® Risk Solutions Company, to accelerate the adoption of digital fraud management solutions in the Australian banking sector.
Data Action provides many of Australia’s credit unions and mutual banks with software for online banking, and this deal with ThreatMetrix means it can also offer additional fraud protection services. The multitude of payment channels available these days – online, mobile, peer to peer – provides even greater opportunities for fraudsters, so banks must be proactive to mitigate risk.
“Banks are having to roll up their sleeves to streamline digital payments and are adopting state-of-the-art technologies to facilitate this transformation,” said Pascal Podvin, SVP of Field Operations for ThreatMetrix. “We are proud to be partnering with Data Action. Together we can help the mutual banking sector offer the most sophisticated protection to their customers.”
The shift to real-time payments through the New Payments Platform is also highlighting some of the challenges banks face when it comes to transaction monitoring. Without the safety net of time lags and manual reviews to further investigate high-risk payments, there is far greater need to detect and block potentially fraudulent behavior in real time, before a payment in processed.
Meanwhile, fraudsters are also looking to take advantage of this emerging shift; adapting their malware and capitalizing on the opportunity to move money between mule accounts in real time to avoid detection.
“We already deliver leading banking software and services based on the latest technologies and industry requirements,” said Mr. Karl Grant, CEO of Data Action. “With this partnership, I strongly believe we can provide an even more comprehensive service to our clients riding on the cutting-edge technology from ThreatMetrix, which uses its vast digital identity network to identify good transactions from fraudulent.”
About Data Action
Data Action is a leading specialist software and services provider to the financial services industry. With a flexible, API-driven core banking platform securely hosted and offered “as-a-service” in a private cloud, its solutions can scale with clients’ needs, offering flexibility alongside market-leading features.
To learn more visit https://www.da.com.au/
ThreatMetrix®, A LexisNexis® Risk Solutions Company, empowers the global economy to grow profitably and securely without compromise. With deep insight into 1.4 billion anonymized digital identities, ThreatMetrix IDTM delivers the intelligence behind 110 million daily authentication and trust decisions, to differentiate legitimate customers from fraudsters in real time. To learn more visit www.threatmetrix.com.
Ken Lam, Senior Director, Marketing, APAC
Tel: +852 6180 0905
Tel: +61 8 8201 1068