FNA to Develop Fraud Portal as a Service
In November 2024, Financial Network Analytics (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 the 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 scams, protecting consumers who are victims of financial crime, and maintaining confidence in digital payments and commerce. It is modeled after the successful launch of Malaysia's National Fraud Portal in April 2024.
With this grant, FNA is able to accelerate the adoption of this technology in low- and middle-income countries by providing a readily deployable system that runs natively on the cloud, significantly reducing the technology dependencies of on-site deployments.
The initiative also streamlines the deployment of Fraud Portal technology on-premises by offering a single portal and data exchange. This establishes a framework for collaboration between solution providers like FNA and third parties, enabling standardized and highly scalable deployments.
Overcoming Siloed Defenses: Why a Shared Fraud Portal is Essential
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.
Understanding the scam and fraud difference reveals why this is so dangerous: while traditional fraud targets system vulnerabilities, modern scams manipulate users into authorizing payments themselves. Because no individual bank has complete visibility of the money muling network with their payment data alone, individual institutions are less effective at building predictive models of fraudulent accounts due to the partial nature of their data.
The National Fraud Portal provides a technological solution as a shared facility for banks, law enforcement, Financial Intelligence Units (FIUs), central banks, conduct supervisors, and other stakeholders. By utilizing advanced financial network analytics, these portals can eventually connect to one another as cross-border criminal activity increases (a likely consequence of suppressing fraud domestically).
Capabilities of the FNA Fraud Portal Ecosystem
The FNA Fraud Portal and its application ecosystem enable institutions to shift from reactive monitoring to proactive payment fraud detection. Key capabilities include:
Real-Time Tracing: Tracking fund movements across the entire banking system, allowing banks to freeze fraudulent funds quickly before they exit the ecosystem.
Intelligent Triage: Validating and prioritizing cases across the economy using data-driven, risk-scored models.
Network Disruption: Faster, more cost-effective identification of new mule accounts.
Graph AI Detection: More accurate methods for fraud detection and risk scoring that employ Graph AI deployed on cross-rail and cross-bank networks.
API Integration: The real-time provision of risk scores and features to payment systems and banks via APIs, allowing them to improve their internal fraud models and make faster, more accurate decisions to prevent fraudulent payments before settlement.
Global Impact and the Road Ahead
FNA is currently in production with 2 countries, in implementation with another 2, and has active engagements discussing the development of 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.
View the Gates Foundation’s Committed Grants. Explore FNA's National Fraud Portal Solution.
