“The current approach to fraud detection is broken. Financial institutions are spending billions, yet continue to lose massive amounts of money to digital fraud."
BOSTON (PRWEB) March 29, 2022
FiVerity, a leading provider of digital fraud detection solutions, today announced the release of its holistic fraud analytics platform. This expanded digital fraud platform provides financial institutions with the industry's first holistic approach to fraud, optimizing previous investments and providing actionable data to stop criminal activity.
Financial services organizations recognize the growing threat of digital fraud, with 71 percent expecting an increasing impact to their organizations over the next year (Grant Thornton). Despite this awareness, many fail to detect fraud because they rely on siloed offerings that cannot keep up with the evolving threat landscape. According to recent industry studies, the average U.S. financial services firm has 9-12 fraud solutions and misses 42 percent of all fraud attempts.
FiVerity harnesses the power of machine learning and confidential computing to give financial institutions a holistic view of fraud and secure information sharing. This approach can save organizations billions of dollars by preventing fraud losses and optimizing previous investments in fraud solutions. The fraud analytics platform overlays existing fraud solutions, external data sources, and internally generated fraud scores, while incorporating data from anti-fraud and cybersecurity teams and real-time marketplace activity. This provides a timely, comprehensive view into all digital fraud-related data within an organization. As a result, customers gain immediate visibility and an actionable score for each new account applicant.
“The current approach to fraud detection is broken. Financial institutions are spending billions, yet continue to lose massive amounts of money to digital fraud,” said Greg Woolf, Founder and CEO of FiVerity. “With our holistic approach to fraud prevention, we don’t replace an institution’s current investments in fraud detection systems and data. Instead, we maximize them by corralling their data into a single, simplified view and then providing customers with the actionable insights needed to fight back.”
FiVerity’s integrative model is shown to improve fraud detection rates by 74% over the models used by many of today’s anti-fraud solutions, while optimizing the anti-fraud team’s time by scaling their efforts.
One company that is ready to take action is Grasshopper - a digital commercial bank whose mission is to serve the business and innovation economy.
Michael Butler, CEO of Grasshopper Bank, noted that “FiVerity helps us take an aggressive approach to fraud detection. Its comprehensive offering bolsters our existing identity verification and cybersecurity solutions. Together we will design and implement protections for our small business and startup clients. The platform’s flexibility is critical to meet the needs of our expanding product lines, and working together with innovative fintechs like FiVerity helps keep us on the leading edge - delivering superior value to the businesses we serve."
For more information about FiVerity’s holistic approach to digital fraud detection, please visit http://www.fiverity.com.
FiVerity provides financial institutions with the industry’s first holistic approach to digital fraud defense. The platform integrates with a range of fraud detection solutions and data sets to deliver a comprehensive view of the threats facing an organization, with a layer of intelligence that provides actionable insights. FiVerity’s platform further strengthens each user’s defense by enabling secure information sharing across financial institutions, regulators, and law enforcement agencies. For more information, visit http://www.fiverity.com and follow us on LinkedIn and Twitter.