Scamnetic Delivers Fraud Protection Across All Payment Types

Why It Matters

The solution tackles a rapidly growing fraud landscape, giving banks and fintechs a tool to lower losses and liability while boosting consumer confidence in digital payments.

Key Takeaways

• IDeveryone protects all payment types, including crypto
• Global fraud losses hit $442 billion in 12 months
• 79% of US firms faced payment fraud in 2024
• Solution verifies recipient identity, not just account name
• Transactions can be insured, reducing institutional liability

Pulse Analysis

The emergence of IDeveryone comes at a time when traditional verification methods, such as Confirmation of Payee, are proving insufficient against sophisticated scams. By leveraging a blend of proprietary and bank‑grade tools, Scamnetic can confirm the true identity of the payment recipient in real time, regardless of whether the party is a Scamnetic customer. This shift from account‑centric checks to person‑centric verification addresses the core vulnerability exploited by deep‑fake impersonations and business‑email compromise, which have surged dramatically in 2024.

For financial institutions and fintech platforms, the ability to insure each transaction adds a compelling risk‑mitigation layer. Insured payments shift potential loss exposure away from the provider, enabling more aggressive adoption of digital channels, including high‑risk vectors like cryptocurrency and cross‑border wire transfers. Moreover, the data generated by IDeveryone’s verification process promises to become a unique asset in the anti‑scam ecosystem, offering insights that could refine fraud‑detection algorithms and inform regulatory compliance strategies.

From a market perspective, the solution positions Scamnetic as a strategic partner for any entity handling large‑volume payments. As global fraud losses approach half a trillion dollars, organizations are under pressure from regulators, shareholders, and customers to demonstrate robust security measures. IDeveryone’s universal applicability—spanning consumer, B2B, and P2P transactions—means it can be integrated across legacy banking systems and emerging fintech stacks alike, potentially setting a new industry standard for payment authentication and liability management.