Lynx Tech, the fintech specialising in AI-driven fraud detection, is scaling its solutions across the UK and European markets as it has identified NTT Data, the business and tech services provider, as the perfect partner to take the business forward.
Sumant Kumar, CTO, banking and financial markets, head of innovation, at NTT DATA UK&I
NTT Data will be a crucial partner for Lynx as its network and experience in the banking sector will enable Lynx to focus on the UK, Irish, Spanish, LatAm, and DACH markets. There will be a particular focus on the UK and Ireland due to the upcoming Payment Systems Regulation (PSR) changes in October. This will mandate banks and payment service providers to reimburse scam victims.
“We are thrilled to partner with Lynx, a company that shares our commitment to innovation and excellence in the financial services industry,” said Sumant Kumar, CTO, banking and financial markets, head of innovation, at NTT DATA UK&I. “With this new partnership, we will enhance fraud detection capabilities for banks worldwide, expanding our combined reach and ensuring safer transactions for all.”
Lucy King, director of global alliances, at Lynx
“Our collaboration with NTT DATA marks a significant milestone for Lynx,” said Lucy King, director of global alliances, at Lynx. “By coupling NTT DATA’s extensive industry experience with our cutting-edge solutions, we are poised to transform the landscape of fraud prevention across the financial services industry.”
Monitoring the payments space for fraud
NTT Data identified Lynx’s offerings as potential game changers in the market. With the fraud detection firm monitoring 99.5 per cent of all transactions in Spain, 65 per cent in Mexico and 35 per cent in Brazil, Lynx is helping firms be proactive in fraud prevention.
Originating from the University of Madrid 25 years ago, Lynx now offers a variety of services through its multi-functional platform, including daily adaptive models to reduce fraud and minimise disruption for genuine users. It does so by constantly evolving to detect new and sophisticated fraud attempts. Another of its offerings, the Money Mule detection service, detects inbound, fraudulent transactions. This is crucial for minimising losses once the new PSR regulations become effective.
Lynx Flex and 360-Degree Analysis round out the remaining key offerings from Lynx. The former allows financial institutions to submit data in their own format. This significantly reduces data mapping and professional services resources whilst enabling Lynx to evolve as new products and fraud typologies arise.
The latter provides a comprehensive view of customer behaviour across all channels, enhancing fraud detection accuracy.
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