FiVerity, the cyber fraud defense startup, has just launched an innovative network that can effectively combat synthetic identity fraud. Cyber Fraud Network is targeting financial institutions, law enforcement specialists, and regulators with its collaborative system that allows for a secure exchange of intelligence on suspected fraudsters. The network is based on sophisticated AI and ML solutions and is able to detect high-level cyber fraud and threats to financial institutions and law enforcement agencies.
The Federal Reserve wrote in its Payment Fraud 2020 paper, “No single organization can stop synthetic identity fraud on its own. Fraudster tactics continually evolve to stay a step ahead of detection – and the most sophisticated fraudsters can operate at scale in organized crime rings, generating significant losses for the payments industry. It is imperative that payments industry stakeholders work together, share information and keep up with the threat.”
Accessing the Cyber Fraud Network is straightforward and can be done by a simple API integration. It significantly increases the defense of the institutions and teaches them how to identify fraud patterns.
“Financial institutions – from the smallest community bank to the largest global lender – all understand the severity of the cyber fraud problem,” said Greg Woolf, CEO of FiVerity. “Until now, they’ve been uncertain about what information they can share without violating privacy regulations or other security rules. Many also worry about giving up a competitive advantage when sharing customer data. FiVerity’s Cyber Fraud Network was created to solve these problems and give financial institutions the tools they need to share information without violating their customers’ privacy.”