Sardine, a company that specializes in preventing fraudulent activity, has created an independent consortium to combat similar crimes committed in the field of payments.

The SardineX consortium, within the framework of a single functional space, will unite financial institutions and fintech firms to exchange data and establish accounting information for senders and recipients of funds for transactions through several channels. This information is contained in the Sardine press release published on Tuesday, June 27.

Sardine co-founder and CEO Soups Ranjan says that over the past few years, there has been a profound transformation in the operational space of money transfer. According to him, against the background of fundamental changes in the payment environment, there were security gaps that fraudsters drew attention to. He is convinced that the only way to improve the situation by ensuring the protection of operations from criminal encroachments is through the active communication of all participants in financial activities.

SardineX can be joined by any organization that develops or initiates the development of solutions that facilitate the movement of money. The Consortium welcomes the broad participation of the industry in consolidating forces to counter security threats and simplify transactions. SardineX will be structured as an independent organization.

The consortium will create a common database that is related to fraud and compliance with regulatory requirements. SardineX members will be able to access this array of information in real-time. Organizations will be able to use the data in their risk models. Companies will also be able to exchange information for constant updating of the database.

The founding members of the consortium are Chesapeake Bank, Visa, Airbase, Blockchain.com, Alloy Labs Alliance, iLex, and Novo. D.J. Seeterlin, Director of Innovation Strategy at Chesapeake Bank, says that joint activities will improve the mechanisms for detecting fraud and help recover funds in order to continue implementing innovative solutions in the field of payments and make advanced transaction methods a part of everyday life. He expressed confidence that cooperation will prevent the encroachments of criminals and keep money in legal places of their storage.

Special studies indicate that fraudsters are increasing the volume and scale of their activities. Against this background, organizations with comprehensive strategies to combat crime in the financial sector will not be able to avoid significant losses without the introduction of modern mechanisms to counter external encroachments.

As we have reported earlier, Resistant AI Raises $11 Million for Security Solutions.