Did you know that every $1 in $100 of all crime proceeds in the world comes from payment card fraud according to the United Nations?
Each $1 of fraud may help towards funding terrorist networks like the al-Qaeda for bombs and arms as well as organised crime gangs and illicit drugs. That’s a potential $16,000,000,000 of funding to criminals in 2015.
If this was a single company it would be in the top 250 of all global companies and its shareholders would be happy at the 15% annual growth. But we are not happy. We want to stop this money going to criminals. We want to fight to dramatically cut fraud, reversing the growth and we want to do this with you. Fighting payment fraud is hard and expensive but it doesn’t have to be. We are committed to a visionary program of research that also delivers what is needed right now. The Institute[tbc] for Financial Innovation in Transactions and Security (FITS) is an independent non-profit organisation with this simple vision: together we can disrupt criminals.
As a member of FITS you will have access to an extensive range of benefits included in your annual member fees. This includes Fathom a powerful AI driven real-time fraud management system built on a big data engine with interactive analytics available on a secure private cloud or deployed in your data-centre. Created for all our members; generating knowledge on evolving fraud types through the latest Data Analytics breakthroughs.
Having spent the last 25 years building innovative systems to spot fraud, one thing is strikingly obvious, the fraudsters and hackers don’t care who they attack: cardholders, banks, issuers, acquirers, gateways, payment processors, merchants, big or small, from physical cards to large-scale data breaches. It is by bringing the best minds, the best technology and working together that we will make a measurable impact on fraud.
FITS has been formed by a passionate team committed to this vision. We work with all our members towards our shared vision:
“Together we can disrupt criminal payment fraud.”