FNA to Develop Fraud Portal as a Service
In November 2024, FNA was awarded a substantial grant ($2.9m) by the Gates Foundation to support FNA in developing a “Fraud Portal as a Service” solution running on the cloud, as well as full implementation of the FNA Fraud Portal in one of its priority jurisdictions.
The Fraud Portal is aimed at increasing the recovery of funds stolen via fraud and scam, protecting consumers who are victims of fraud, and maintaining confidence in digital payments and digital commerce. It is modeled after the successful launch of the National Fraud Portal in Malaysia in April 2024.
With the grant, FNA is able to accelerate the adoption of the technology in low- and middle-income countries by providing a readily deployable system that runs on the cloud, reducing the technology dependencies of on-site deployments.
The initiative also streamlines deployment of Fraud Portal technology on-premises by offering a single portal and data exchange. This enables collaboration between solution providers such as FNA and third parties, while enabling standardized and streamlined deployment.
Why a FNA Fraud Portal
In today’s technological environment, criminals have the advantage. Traditional efforts to contain fraud and scams are carried out in silos, and cross-bank and cross-payment scheme collaboration is not the norm. As no individual bank has complete visibility of the money muling network with their payment data alone, individual banks are less effective in building predictive models of fraudulent accounts due to the partial nature of their data.
The Fraud Portal provides a technological solution as a shared facility for banks, law enforcement, the Financial Intelligence Unit (FIU), the central bank, the conduct supervisor, and other stakeholders. Further down the line, Fraud Portals can connect to one another as cross-border criminal activity increases (a likely consequence of suppressing fraud domestically).
The FNA Fraud Portal and its application ecosystem enable:
The real-time tracing and tracking of fund movements across the banking system, allowing banks to freeze fraudulent funds quickly
The validation and prioritization of cases across the economy using data-driven models
The faster identification of new mule accounts at a reduced cost
More accurate methods for fraud detection and risk scoring that employ Graph AI deployed on cross-rail and cross-bank networks
The real-time provision of risk scores and features to banks via APIs, allowing them to improve their fraud models and make faster, more accurate decisions about preventing fraudulent payments before settlement
FNA is in production with 2 countries, in implementation with another 2, and has active engagements discussing building similar Fraud Portals in over 50 other countries. We are excited to be able to help deliver real-world benefits to banks, central banks, law enforcement agencies, and consumers, as well as to execute our mission of making the financial system safer and more efficient.
About FNA
FNA was founded in 2013 to make the financial system safer and more efficient. We solve critical problems facing financial institutions and systems with software products using cutting-edge graph analytics and AI. We deliver products for liquidity and payments optimization, financial stability & supervision, and national-level anti-fraud and financial crime efforts. With a global presence, FNA serves some of the most important financial institutions, financial market infrastructures, central banks, and national security organizations in the world.
