Ericsson is enhancing its Mobile Financial Services Platform by incorporating INFORM’s RiskShield anti-money laundering (AML) and fraud management software. This collaboration aims to mitigate financial risks, detect and prevent fraudulent activities, and secure ecosystems for Ericsson’s diverse customer base, which includes operators, enterprises, and banks.
The initiative aims to provide state-of-the-art tools for combating financial crime. Common crimes such as sophisticated fraud schemes and money laundering exploit system vulnerabilities. With these new tools, Ericsson seeks to better equip its clients against these threats.
Currently, Ericsson’s Mobile Financial Services supports over 114 million active users in 24 countries, processing more than 36 billion transactions annually worth over $501 billion. This system’s open architecture and API offering allow rapid service deployment and scaling, facilitating digital wallet and banking services.
“Our collaboration with INFORM aims to elevate the value we provide to our customers in the face of increasingly sophisticated threats,” said Michael Wallis-Brown, Head of Ericsson Mobile Financial Services. “As financial crime and malicious activities become more advanced, utilizing INFORM’s cutting-edge AML and fraud management capabilities alongside Ericsson solutions will help CSPs and enterprises to better detect, prevent, and combat these threats. This potential enhancement would not only safeguard their operations but also support their growth in a secure and resilient environment.”
Roy Prayikulam, Senior Vice President Risk & Fraud at INFORM, added: “We are excited to expand our collaboration with Ericsson to provide our cutting-edge RiskShield platform for Hybrid AI-powered AML and fraud management to their customers worldwide. By combining our advanced analytics and dynamic rule-making capabilities with Ericsson’s extensive reach and expertise in mobile financial services, we are confident that we can help create a safer and more secure financial ecosystem for all.”
With fraud and hacking becoming more frequent, new technologies, including AI, offer both defensive and offensive capabilities. A recent report by voice security firm Hiya claimed AI-generated voice-cloning scams increased in the first half of 2024, predicting such scams will continue to rise. This trend underscores the urgency for advanced anti-fraud measures like those Ericsson and INFORM are developing.
In summary, the integration of INFORM’s RiskShield into Ericsson’s platform aims to combat growing financial threats effectively. This initiative supports Ericsson’s goal of safeguarding its customers’ operations while enabling them to thrive in a secure environment.
