Tempo France stamps out fraudulent payments and secures users of its money transfer app in the frightening wake of fraud-as-a-service models.
The Paris-based international money transfer company, Tempo France, is clamping down on fraud, scams and illegitimate transactions made within its app through the formation of a new partnership with Sift.
This partnership, which initially launched in December last year, is seeing Tempo France leveraging Sift’s payment protection solution, part of its partner’s digital trust and safety platform, to prevent fraudulent payments from finding a purpose within its money transfer app.
It has also adopted Workflows, its partner’s patented tool for building and managing fraud logic, to automate its fraud operations and reduce the amount of time spent on manual review.
The adopted solution utilises Sift’s machine-learning capabilities with data from its network of one trillion signals to identify and block false payments before they are completed.
Part of the partnership also seeks to streamline the in-app experience for legitimate users with Sift’s Dynamic Friction solution, allowing them to transfer funds without incurring unnecessary friction.
Tempo France is now reporting that it has been able to ‘significantly decrease’ payment fraud on its app. Although not confirmed by the money transfer company, its newfound partnership could be a response to its partner’s worrying new findings, which indicate that payment fraud jumped 13 per cent between 2021 and 2022.
Meeting compliance requirements
“We are committed to using Sift’s technology to improve the efficiency and security of money transfers,” comments Alla Zhedik, CEO of Tempo France.
Zhedik explains that the company’s adoption of Sift’s technology sits beside that of its partner Armenotech, which is based on the Stellar blockchain platform.
The Bank of France currently licenses Tempo France, and as Zhedik explains, it “imposes very strict obligations.”
“That is where payment protection plays a key role and is also why the joint project with Sift is strategically important for us,” she continues.
Tonia Luykx, VP of global sales at Sift, says Tempo France has “made a clear commitment to both protect its customers from fraud and make it easier to make remittances” through its partnership with Sift.
“We’re proud of the work we’ve done together and look forward to helping Tempo France expand to new markets and geographies,” concludes Luykx.
Image and article originally from thefintechtimes.com. Read the original article here.