INETCO uncorks digital payment bottlenecks during pandemic
About the company
INETCO provides real-time transaction performance monitoring, payment fraud detection and analytics solutions for financial institutions, payment services and large retailers worldwide.
Location: Vancouver, British Columbia Industry: Financial technology
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When COVID-19 caused a surge in online and mobile transactions, INETCO needed to quickly identify bottlenecks that were preventing its clients’ customers from accessing their bank accounts and making payments.
Bijan Sanii, President, CEO and Co-founder, says INETCO looked at all real-time transactions to identify where every transaction was “getting stuck,” ensuring the stability of customers’ payment transactions across channels, such as mobile, online, ATMs and retail.
“A lot of gaps and flaws surfaced because of the pandemic, which has caused a dramatic shift in patterns,” Sanii says.
INETCO also has seen an increase in payments fraud as fraudsters exploit massive volumes of transactions moving to online and mobile channels.
Sanii’s team has strengthened the detection and prevention of payments fraud and cybersecurity attacks aimed at mobile and online transactions and government stimulus money.
He notes that it’s an opportune time for fraud, including the theft of government-issued stimulus cheques, social engineering attacks, phishing scams, malicious websites such as fake charities, malware, illicit money transfers, account take-overs and suspicious transaction activity.
INETCO says the increase in online and mobile payments as a result of the pandemic will remain, and adds its solutions will help financial institutions analyze and forecast payments revenue and customers’ behavior as a result of COVID-19.
INETCO’s 35 employees easily transitioned to remote work in 24 hours, helped by being accustomed to working with global clients in multiple time zones.