SumUp partners Noto to help combat financial crime with advanced data processing and machine learning technologies.
Noto has provided SumUp with a solution that will increase the fraud detection rate and the efficiency of fraud alerts, helping the company to provide customers high level security against cyber-crime.
Noto offers a comprehensive fraud decisioning tool that is data agnostic and uses a robust data processing technology topped up with artificial intelligence technology to help financial institutions increase the accuracy of real-time approvals of genuine transactions, reduce false declines, detect and react against system attacks account compromise and loyalty abuse.
Noto’s decision-making products target risk assessment and mitigation and work with fully customizable predefined rule sets. The Fraud Monitoring tool offers a new approach that goes much further than assessing a payment transaction. It takes a broader set of data that can range from login attempts to attempts to process a transaction, scoring and learning from each event, allowing users to apply similar rule sets to future events of the same type.
The unique technology behind Noto identifies behavioral patterns and detect / report abnormal behaviors and adds an extra layer of security to address the changing fraud trends by providing a holistic product that oversees the full cycle of accounts – from creation to performing ongoing monitoring.
Noto’s reporting functionalities helps meet regulatory compliance obligations, such as the ECB fraud and general payments reporting, automation of risk based approach practices and suspicious transactions reporting.