Symcor Releases Real-time API Helping Financial Institutions to Combat Rising Trajectory of Fraud
TORONTO, April 6, 2022 /CNW/ - Symcor, a leading Canadian organization that enables secure data exchanges, has launched a real-time API to help its clients accelerate fraud detection and facilitate better end-consumer experiences.
The API is powered by Symcor's COR.IQ alliance, a consortium of Canadian financial institutions (FIs) that utilizes cross-network insights to identify fraud at scale. Leveraging the alliance, Symcor's Cheque Fraud Solution (CFS), which launched in 2020, has detected over $80 million in confirmed fraud since inception using proprietary fraud signals.
Now equipped with real-time technology, Symcor's CFS API enables a transition from traditional daily batch processes, allowing clients to tackle suspected fraud with speed and mitigate financial losses.
"Cheque deposit and payment risks are the leading contributors of fraud losses and the ability to rapidly manage exposure through the power of consortium data has never been more compelling. Robust fraud insights delivered through Symcor's COR.IQ network provides alliance members with a significant advantage over non-alliance counterparts, helping them maintain consumer confidence and elevate customer experiences," said Saba Shariff, Head, New Product Development & Corporate Strategy at Symcor.
Symcor's CFS API fraud signals enable participating FIs to make informed decisions in real-time to better manage cheque fraud.
"Symcor's CFS API enables a more holistic view of cheque deposits, which in turn allows us to enhance the overall experience for our customers by decreasing delays in releasing funds, while maintaining security and trust," said Ash Khan, Head, Enterprise Fraud Management, BMO Financial Group, a COR.IQ alliance member.
CFS API verifies details at source, confirming key fraud indicators such as availability of funds and account validity, building upon the success of CFS' foundational fraud signals.
With 71 per cent of surveyed organizations expecting the overall level of fraud impacting their business to increase over the next year 1, the launch of CFS API is well-timed to address the demands of an increasingly complex payments space.
"CFS API, a new addition to our continued strategic engagement with Symcor, is another tool that allows us to deliver an improved banking experience to our customers by providing them faster access to deposited funds in a safe and secure manner," said Mohamed Manji, VP of Fraud Strategy at TD Bank Group, a COR.IQ alliance member.
For over 25 years, Symcor has successfully aligned market participants to address common industry-wide challenges. With a unique combination of security and agility, Symcor provides the best of both worlds, well positioned as an essential partner in the ongoing evolution and growth of the Canadian payments industry.
About Symcor
Symcor enables secure data exchanges and supporting business processes, to help clients succeed in an evolving digital world. Trusted by Canada's largest institutions for over 25 years to support their digital transformations, Symcor aligns industry participants to solve common challenges in the most effective and efficient way. For more information, visit www.symcor.ca.
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Association of Certified Fraud Examiners. (2021 Sept 9). Think Pandemic-Related Fraud Is Going Away? Think Again [Press release]. https://www.acfe.com/about-the-acfe/newsroom-for-media/press-releases/press-release-detail?s=Think-Pandemic-Related-Fraud-Is-Going-Away |
SOURCE Symcor
Rita Dias, VP Marketing & Communications, Symcor, [email protected]
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