ATLANTA – (Oct. 22, 2019) – Digital Element, the global geolocation data and services provider, announced today that SmartSoft will incorporate its NetAcuity® IP datasets to enhance solutions developed for the prevention of fraud, money laundering and risk within the Latin American financial industry. SmartSoft’s industry-leading Sentinel platform protects the assets of more than 100 million account holders throughout Latin America with one of the most advanced fraud-prevention and anti-money laundering (AML) solutions. More than 150 financial institutions, such as Banco Azteca, Scotiabank, Santander, BAC Credomatic and Grupo Promerica, use SmartSoft to analyze over one billion transactions annually. SmartSoft will incorporate the NetAcuity Edge™ geolocation solution. NetAcuity Edge is a global hyperlocal IP geolocation offering that provides increased accuracy at the city/town and ZIP/postcode levels. Additionally, the company will utilize other different IP datasets outside of geolocation, such as Digital Element’s extensive proxy database as well as connection type data. The addition of multiple IP datasets from Digital Element into SmartSoft’s Sentinel Suite will enable customers to more reliably detect fraudulent behaviors and reduce the false-positive alert rates. “Understanding the habitual behavior of customers linked to their geolocation, when they carry out transactions through channels such as the electronic branch or mobile banking, is essential to detecting suspicious activity,” said SmartSoft CEO Pablo Elizondo. “Digital Element’s highly accurate datasets will be a tremendous asset for us in providing our customers with richer geolocation information and other intelligence to power the Sentinel behavioral engine to detect unusual patterns.” Cybercrime is flourishing in Latin America. In fact, financial services transactions are the most likely to be attacked in this region. For example, the attack rate on new bank account creations has shot up 105 percent, rising to 118 percent for mobile. Meanwhile, the attack rate on account logins has increased 172 percent, and 118 percent for mobile-only logins.[i] “Significant fraud losses, large amounts of false positives, and serious adverse effects on customers’ experiences are the results of fragmented or non-existent strategies for fraud prevention in Latin American financial institutions―and cyber criminals are taking advantage of this situation to obtain their illegal profits,” said Jorgelina Striedinger, vice president, Latin America, at Digital Element. “The sophistication and speed of cyber criminals are forcing financial institutions to turn to innovative companies such as SmartSoft that can provide the necessary―and reliable―tools that allow them to immediately react to fraud events. Reducing the number of false positives, in particular, is the first step to making fraud detection solutions more effective.”  H2 2018 Cybercrime Report
Source: Company press release.