Identity

A ‘zero-fraud’ guarantee for online money transfers? One company tries to make it work

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(“Cash Money” by nathangibbs is licensed under CC BY-NC-SA 2.0.)

Zero-fraud might seem a mythic promise for the constantly targeted payments remittance business. And yet, one financial technology startup offers just that.

Financial tech upstart Ingo Money began offering digital money transfer and risk services last month. With the increasing global nature of digital commerce and financial remittance, fraud is also on the rise here, hence offers of IT security are key.

As the Pymnts.com website reported, Ingo Money brought its inbound digital transfer and risk services to market in May, taking a novel approach to fraud and risk management: an application programming interface (API) that promises limited fraud. The company's chief product officer told Pyments.com that it does this by collecting customer risk attributes from the client and, in the background, watches for telltale signs of fraud.

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