This week, SoFi (NASDAQ:SOFI) subsidiary Galileo Financial Technologies unveiled Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore, its two newest fraud-fighting tools.
As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk management capabilities, addressing an industry in which 63% of financial firms reported an increase in fraud, with digital channels contributing to half of the total fraud losses.
Galileo Instant Verification Engine (GIVE) provides real-time verification of external bank accounts and ownership. Whether used as a standalone product or integrated with the Galileo Payment Risk Platform (PRP), GIVE delivers real-time insights that help businesses prevent fraud by quickly verifying account existence, status, and ownership before processing transactions.
It also integrates with the Galileo Payment Risk Platform, which uses the Transaction Decision Rules Engine. This engine applies customizable models, rules and profiles to each transaction, allowing for real-time, automated fraud prevention decisions tailored to the specific needs and risk appetite of each business.
GIVE’s benefits begin with instant account verification, including confirmation of external bank account existence, status, and risk signals. It also offers instant identity verification, ensuring that only authorized individuals can transact by verifying the ownership of external bank accounts. It matches the account holder’s name and personal information—such as social security number, date of birth, and address—against the provided owner details, which is particularly useful for preventing identity fraud.
By leveraging machine learning, GIVE generates risk scores that assess the probability of ACH returns and non-sufficient funds issues, providing a comprehensive view of account reliability.
GIVE supports “me-to-anyone” and “anyone-to-me” use cases without requiring customers to input their credentials for external accounts.
Taken together, this often reduces verifications to seconds. Galileo claims it can reduce customer drop-offs to as low as 1%.
Transaction Risk GScore is a machine-learning-based risk score that assesses the risk of card transactions in real time. By analyzing multiple data points, such as user behavior and transaction patterns, GScore enables financial institutions, fintechs and businesses to detect and respond swiftly to potential fraud, reducing losses and ensuring more efficient operations.
GScore supplements the existing enhanced capabilities in the Payment Risk Platform by adding a layer of fraud signals while allowing the client to determine the risk appetite based on the multiple model responses.
“Whether transaction volumes increase or a company’s business expands into new markets, these tools provide consistent protection and seamlessly integrate with existing systems, minimizing disruption while maximizing fraud detection,” Galileo said. “This feature gives Galileo clients greater control over transaction validity, enabling them to fine-tune fraud prevention measures to meet their specific needs.”
“By harnessing advanced machine learning and real-time data, we’re setting a new standard for how businesses safeguard their customers and their operations,” said CPO David Feuer.
