Fraudulent payments transactions are forecast to reach $38.5 billion in volume by 2027, representing nearly $30 billion a year in business impact in the form of lost time, money and productivity, and damaged reputation and customer relationships. 

Given the size of the threat–and the ever-increasing sophistication of fraudsters’ tactics as payments shift toward digitized, decentralized models–it’s vital for payment providers to deploy equally sophisticated defenses to protect transactions and customers’ financial data.

That’s where Advantage Payment Services (APS) comes in. The risk mitigation and compliance solutions specialist offers a cloud-based suite of services designed to safeguard financial services operations, including Know Your Customer (KYC), fraud monitoring and dispute case management.

Galileo recently sat down with APS Chief Revenue Officer Grant Rogers to discuss how the companies are working together to enable safe yet seamless account opening and transactions for end-users by leveraging the power of APS’s cutting-edge regtech platform. 

Mission: “Our mission is to facilitate safe, secure and frictionless payments for everyone,” Rogers said. “APS offers compliance and risk mitigation solutions to processors, banks, program managers and fintechs… but the consumer, the student applying for a new account, or the parent trying to buy groceries is ultimately the individual that we are impacting.”

Founding: APS was founded by the Campbell family of Fargo, North Dakota, who have a long history of building and growing financial services support companies.

Location: Headquartered in Fargo, North Dakota.

What Galileo does for them: “APS is fortunate to have had a relationship with Galileo for more than 10 years,” noted Rogers. “Galileo leverages our ID Advantage product for their KYC/Customer Identification Program solutions they offer out to the market. In turn, their card program managers use that during account onboarding for new customers.”

Use-Case: APS’s cloud-based platform “facilitates compliance while reducing risk from account onboarding, through transaction monitoring, to back-end processing of disputes and resolving disputes,” Rogers said. Meanwhile, workflow automations enable repeatable tasks to be managed by the system, freeing up resources and human capital to be deployed more efficiently elsewhere, he added.

Impact: Leveraging artificial intelligence and machine learning, APS’s platform can analyze millions of data elements for signs of unusual or suspicious activity, enabling such activity to be flagged far more quickly than otherwise possible.  

“This earlier detection allows experts to look into these cases and address them much sooner, thereby making the financial frontier more secure,” said Rogers. 

Click here for 6 Tips to Jumpstart Payment Fraud Prevention