Vancouver, BC – June 19, 2024 – Agility, a leader in IT infrastructure and cybersecurity, today announced the expansion of its strategic partnership with INETCO Systems Ltd. (“INETCO”), a global innovator in payment security, to provide an AI-driven platform to help Brazilian financial institutions combat payment fraud and cyberattacks.

A recent alert by the International Monetary Fund (IMF) highlighted concerns about the evolution of cybercrime, pointing to banking institutions as the primary targets. According to the IMF, over the last 20 years, there have been more than 22,000 attacks on the financial sector alone, resulting in almost $12 billion in global losses. Banks were the most affected, with about 10,000 incidents. In Brazil, data from the Central Bank reveal 2,800 fraud attempts per minute through electronic channels.

The pioneering partnership between Agility and INETCO aims to address this challenging scenario through extensive use of AI and machine learning. Specifically designed for payment networks, the platform collects real-time data throughout the payment journey, offering complete end-to-end visibility into each transaction. This enables more precise detection and prevention of fraud and cybercrime with the ability to block payments at any stage of the transaction.

“We are excited to expand our partnership with INETCO to provide the highest level of security to our mission critical InfraSec environments in Brazil,” said Fabio Soto, CEO of Agility. “This will allow our clients to significantly reduce fraud losses by focusing on resolving suspicious transactions without disrupting legitimate operations. Our partnership will be a major victory in the battle against cybercrime in Brazil, and we are proud to lead this effort.”

Soto emphasized that INETCO’s platform is well suited to handle the unique characteristics of the national financial ecosystem, including the Pix instant payment system. Pix emerged in 2020 and has become the preferred method of payment for Brazilians, with nearly 42 billion transactions carried out in 2023, according to the Brazilian Federation of Banks (Febraban).

“The INETCO platform addresses payment security challenges by evaluating transactions against the expected habits of each customer, identifying atypical behavior. Its self-learning capabilities and the ability to block transactions at any point in the network are critical to ensuring the security of Pix operations in Brazil,” reinforced the Agility CEO.

Lisa Payne, COO of INETCO, noted that financial institutions in Brazil are struggling to keep up with the rising number of attacks from increasingly sophisticated criminals. “Unlike traditional cybersecurity solutions that rely on aggregate customer data, our platform focuses on out-innovating fraudsters using AI models that analyze individual payment habits and banking transactions,” she explained.

“We use advanced machine learning to generate personalized intelligence, assessing risk and anomalies based on a small number of transactions. This allows us to detect previously unknown threats without the need for data scientists or specialists. Additionally, the models are automatically updated with each transaction, ensuring more accurate and up-to-date detection without manual retraining,” Payne added.

“We are thrilled to partner with Agility to foster a secure and prosperous digital economy in Brazil and look forward to contributing to protecting this important sector,” highlighted the COO.

Agility and INETCO are on a mission to revolutionize the Brazilian payment market, providing trust and reliability in every transaction. The INETCO platform is available now to Brazilian financial institutions.

About INETCO

INETCO is a global leader in protecting payments from fraud and advanced cyberattacks. Its cutting-edge platform offers unparalleled real-time visibility into every step of a transaction journey, monitoring all channels to intercept threats instantly. Powered by advanced machine learning, it detects and prevents fraud with personalized intelligence for each customer to ensure payment systems operate seamlessly.

About Agility

Agility is a cybersecurity-focused company that markets, implements, and supports technologies from major manufacturers and provides managed security, DevSecOps, and data privacy services. With over 30 years of experience, it has a team of more than 200 specialized professionals.