A large national bank located in The Netherlands turned to Mobiquity to find an innovative solution to tackle fraud and prevent human error in transactions.
Together with the client Mobiquity built a high performing data search engine on AWS (Amazon Web Services) to detect misdirected payments and potential bank transactions fraud in real-time. The account check deploys an intelligent and robust algorithm which verifies an entered name belongs to an account number (IBAN) on the database. This solution helps customers of Dutch and UK banks protect themself with an 81% reduction in reported fraud / scams and a 67% decrease in misdirected payments.
