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Digital Identity, Security & Online Fraud

StreamMind fights bank transfer scams with new solution

Wednesday 12 June 2019 | 11:59 AM CET

StreamMind, a technology provider, has launched in Europe a solution that allows users to match their identity with bank account numbers, to prevent bank transfer scams.

The solution enables the bank to comply with the recent proposal by Payment Systems Regulator to fully put confirmation of payee measures in place by 31st March 2020. This is an initiative to protect people from scams in bank transfers also called Authorised Push Payments (APP) scams.

StreamMind works with a large network of banks and has built an interbank network in cooperation with large French banks (Caisse d’Epargne, Crédit Mutuel, CIC, Crédit Agricole, BNP, and Société Générale) and several technology corporations (SUN Microsystems, HP and IBM). The solution, called Lucy, leverages the interbank network and works by matching the identity of an account holder with its account details from any of the banks within the network.

This means that any of the banks signing up for StreamMind’s solution can use its verification software and access to the large network. Lucy is already implemented by large banks in France, and other in Europe, readily available, according to the official press release.

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