Ecommpay wins FiNext Award for excellence in finance technology innovation

At the FiNext Awards in Dubai, inclusive global payment platform, Ecommpay, has been honoured for its robust fraud detection and prevention technology. A prestigious programme acknowledging the accomplishments of those in the finance and FinTech sector, the FiNext Awards aim to honour those who have demonstrated excellence in their respective fields. Ecommpay’s fraud prevention technology won the ‘Excellence in Finance – Technology Innovation’ category.

Marija Solovjova, Head of Fraud AML transactions & Disputes Department at Ecommpay commented: “At Ecommpay we are committed to continually developing new tools and improving existing ones. We are therefore delighted to have won this prestigious award, which recognises the innovative work of our highly experienced team, and the vital difference our technology is making as we work to identify and stop fraudulent transactions to protect businesses and consumers. It remains our mission to be one step ahead of the fraudster, so we must remain vigilant and constantly adapt new fraud risk management tools.”

Fraud remains one of the most significant risks in the FinTech payment ecosystem, particularly for acquirers responsible for processing high volumes of transactions. Developed in-house, Ecommpay’s Graph Analysis technology is the latest module to be added to the platform’s anti-fraud system. It has been crucial in detecting fraudulent patterns, helping to identify fraud rings, block involved customers and stop fraud attacks. Using a multi-layered approach to fraud detection, Ecommpay leverages advanced technology including machine learning, behavioural analytics and manual fraud detection.

Capable of mapping various payment credentials into a complex interconnected chain, the graph module includes an option to visualise the connected payment credentials. This helps to map the relationships between linked entities in a network and identify and stop multiple instances of fraudulent behaviour by spotting suspicious patterns before criminals can take action. Since 2022 the graph module has led to Ecommpay detecting twice as many suspicious accounts.

“The Fraud Operations Team's approach is to utilise a range of automated tools, monitoring methods and alerts, complemented by detailed manual work to constantly anticipate and respond to the advanced technologies used by fraudsters”, continued Marija Solovjova. “We may live in an AI era, but one of our core domains is still the work of our fraud analysts, who possess a great amount of knowledge about how fraudsters work and how fraud looks in traffic.”