Sonar

Recent financial data breaches exposed user PII from many different banks, allowing fraudsters to bypass verification checks. We’ve built a free service in Sonar to check for this risk. For example if you’ve got a new customer signing up, one common check is to ensure that the account name matches the account and routing number. If bad actors have compromised that data, it would allow them to easily pass this check. The new red flag service will check if an account’s credentials exist on the dark web and return a “true” if they’re found. When added to the 1,000s of other critical data points for onboarding or making payments, we hope this helps manage the risk of compromise. You can read more in the press release (link in comments) #fraud #databreach #baas

Excited to share some thoughts on how AI agents could shape the future of payments and the critical infrastructure needed to support seamless cross-rail transactions. #AI #Payments #Fintech #Banking https://lnkd.in/eb67gzPH

Why does 314b designation matter? ??Safe harbor from civil liability: The FinCEN 314(b) designation provides safe harbor from civil liability for data sharing in the event of suspected financial crime under the Patriot Act 2002. In essence, if data is shared by members of Sonar they’re not at the risk of being sued for that data sharing, and can do so in confidence. ?? A more complete picture for SAR fillings: So long as a member of sonar is also 314b compliant, they can query sonar and we will enquire from other 314b participants if they have seen anything about this user. So you can add more info about a money laundering case in your SAR filing Sonar is the real-time fraud, and AML data-sharing consortium (formerly SardineX) that has expanded to 20 members and 30 observers. If you want to get involved, get in touch. #financialcrime #aml #transactionmonitoring #fraud #risk

Sonar is an independent data consortium for fighting First-party fraud and Counterparty risk. Work with participating banks, fintechs, card networks, payment processors, and merchants. Any organization that initiates or facilitates financial transactions can join..

Today we're excited to officially unveil our new look. As a member-led organization for risk prevention and secure, compliant data sharing, this brand gives us space to grow together. Sonar is the real-time fraud, and AML data-sharing consortium (formerly SardineX) that has expanded to 20 members and 30 observers. As FedNow and RTP become a default for consumers and businesses, new fraud and AML risks emerge. The best solution is to understand the risk of the receiving party, but that has to happen in real-time. ?? Combining data from some of the worlds largest Fintech companies, banks, retailers and data providers Sonar helps manage risks like ?? First-party fraud - During account opening, funding or transaction, understand if this potential customer has a bad reputation elsewhere ?? AML Compliance - Identify if a user has been flagged for suspicious activity (a SAR) to help prevent the layering and placement of funds through multiple wallets and accounts ?? Credit risk - Later this year we’ll begin furnishing additional data for credit like DDA, card and digital wallet transactions Sonar is Gramm-Leach-Bliley Act (GLBA) and FinCEN 314(b) compliant, and now has a comprehensive set of operating rules including data protection. Want to dip a toe in the water? You don’t need to be a member immediately. We have over 30 observers, some on a path to membership, others early on their Sonar journey, all with one goal. Preventing risk from falling between the cracks of organizations, wallets and payment rails. If you want to get involved, drop a comment below #aml #transactionmonitoring #compliance #fraud #risk

Today we're excited to officially unveil our new look. As a member-led organization for risk prevention and secure, compliant data sharing, this brand gives us space to grow together. Sonar is the real-time fraud, and AML data-sharing consortium (formerly SardineX) that has expanded to 20 members and 30 observers. As FedNow and RTP become a default for consumers and businesses, new fraud and AML risks emerge. The best solution is to understand the risk of the receiving party, but that has to happen in real-time. ?? Combining data from some of the worlds largest Fintech companies, banks, retailers and data providers Sonar helps manage risks like ?? First-party fraud - During account opening, funding or transaction, understand if this potential customer has a bad reputation elsewhere ?? AML Compliance - Identify if a user has been flagged for suspicious activity (a SAR) to help prevent the layering and placement of funds through multiple wallets and accounts ?? Credit risk - Later this year we’ll begin furnishing additional data for credit like DDA, card and digital wallet transactions Sonar is Gramm-Leach-Bliley Act (GLBA) and FinCEN 314(b) compliant, and now has a comprehensive set of operating rules including data protection. Want to dip a toe in the water? You don’t need to be a member immediately. We have over 30 observers, some on a path to membership, others early on their Sonar journey, all with one goal. Preventing risk from falling between the cracks of organizations, wallets and payment rails. If you want to get involved, drop a comment below #aml #transactionmonitoring #compliance #fraud #risk