Replace broken

FiVerity Launches New Fraud Analytics Suite, Giving Financial Services Organizations a Holistic View of Fraud Prevention Efforts

Michael Butler, CEO of Grasshopper, and Greg Woolf, CEO of FiVerity

“The current approach to fraud detection is broken. Financial institutions are spending billions, but continue to lose huge amounts of money to digital fraud.”

FiVerity, a leading provider of digital fraud detection solutions, today announced the launch of its holistic fraud analytics platform. This expanded digital fraud platform offers financial institutions the industry’s first holistic approach to fraud, leveraging previous investments and providing actionable data to stop criminal activity.

Financial services organizations recognize the growing threat of digital fraud, with 71% expecting an increasing impact on their organization over the next year (Grant Thornton). Despite this awareness, many fail to detect fraud because they rely on siled offerings that cannot keep up with the changing threat landscape. According to recent industry studies, the average US financial services company has 9-12 anti-fraud solutions and misses 42% 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 maximizing previous investments in anti-fraud solutions. Fraud analytics platform overlays existing fraud solutions, external data sources and internally generated fraud scores, while incorporating data from fraud and cybersecurity teams and business of the market in real time. This provides a quick and comprehensive view of all digital fraud related data within an organization. As a result, customers get immediate visibility and an actionable score for every new account enquirer.

“The current approach to fraud detection is broken. Financial institutions are spending billions, but continue to lose huge sums to digital fraud,” said Greg Woolf, Founder and CEO of FiVerity. “With our holistic approach to fraud prevention, we do not replace an institution’s current investments in fraud detection systems and data. Instead, we maximize them by bringing their data together in a single, simplified view, then providing customers with the actionable insights needed to fight back.

FiVerity’s integrative model has been shown to improve fraud detection rates by 74% over models used by many current anti-fraud solutions, while optimizing the time of the anti-fraud team by increasing their efforts .

One company ready to act is Grasshopper – a digital commercial bank whose mission is to serve the business and innovation economy.

Michael Butler, CEO of Grasshopper Bank, said, “FiVerity helps us take an aggressive approach to fraud detection. Its comprehensive offering reinforces our existing identity verification and cybersecurity solutions. Together we will design and implement protections for our small business and startup customers. Platform flexibility is essential to meet the needs of our expanding product lines, and working with innovative fintechs like FiVerity helps us stay on the cutting edge – delivering superior value to the businesses we serve. »

For more information on FiVerity’s holistic approach to digital fraud detection, please visit http://www.fiverity.com.

About FiVerity

FiVerity provides financial institutions with the industry’s first holistic approach to defending against digital fraud. The platform integrates with a range of fraud detection solutions and datasets to provide a comprehensive view of the threats an organization faces, with an intelligence layer that delivers actionable insights. FiVerity’s platform further strengthens the defense of every user by enabling the secure sharing of information between financial institutions, regulators and law enforcement agencies. For more information, visit http://www.fiverity.com and follow us on LinkedIn and Twitter.

Share the article on social networks or by e-mail: