SardineX is a consortium of financial institutions and fintechs that are joining forces to combat real-time fraud.
Until now, large pockets of the financial system have remained blind spots for fraud due to the lack of data sharing. Participants of SardineX share their fraud and compliance-related data in a single database available to all. It can be fed into in-house fraud prevention software uncovering instances of repeat fraud and flagging users and activity that seem suspicious.
The news comes just a few days shy of July and FedNow’s proposed launch, so it’s hard to ignore that the move may be related. Real-time payments have come with increased rates of fraud, with fraudsters taking advantage of its inherent weakness in recovering funds once sent.
Large names have already jumped on board, so the solution is poised to make significant steps toward reducing fraud, even within the environment of faster payments.
USA: In-App, Instant, In-Store Payments Incoming. Wallets are the key to alternative payment networks, so there must be an opportunity to use them provide real competition to cards in U.K. retail just as in the U.S.
Isabelle is a journalist for Fintech Nexus News and leads the Fintech Coffee Break podcast.
Isabelle's interest in fintech comes from a yearning to understand society's rapid digitalization and its potential, a topic she has often addressed during her academic pursuits and journalistic career.