Provides a verification engine that detects and prevents Authorized Push Payment (APP) fraud by accessing and analyzing critical transaction data with high precision. This solution addresses the inadequacies of current fraud detection systems, enabling banks, payment service providers, and professional services to safeguard payments and comply with evolving reimbursement regulations.
Funding
$31.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AIACES+7Founders
Product
Problem
Current fraud detection systems often fail to access the necessary data to confidently detect and prevent Authorized Push Payment (APP) fraud. This leaves banks, payment service providers, and professional services vulnerable to financial losses and regulatory non-compliance.
Solution
Lucra Payments provides a verification engine designed to detect and prevent APP fraud with high precision. By accessing and analyzing critical transaction data, Lucra's solution overcomes the limitations of traditional fraud detection systems. This enables banks, payment service providers (PSPs), and professional services firms to safeguard payments and comply with evolving reimbursement regulations. The engine streamlines processes and eliminates uncertainties associated with payment verification, offering a robust defense against fraudulent activities.
Target Audience
Lucra Payments targets banks, payment service providers (PSPs), and professional services firms that require robust fraud detection and prevention solutions to protect against APP fraud.
Features
- Real-time analysis of transaction data to identify suspicious patterns
- Integration with existing banking and payment infrastructure for seamless deployment
- Customizable rule sets to adapt to evolving fraud tactics
- Advanced algorithms to detect subtle indicators of APP fraud
- Comprehensive reporting and audit trails for compliance purposes