Security News > 2021 > March > FiVerity raises $2M to expand its cyber fraud detection and threat intelligence platform

FiVerity announces that it closed a $2 million round of financing to expand its cyber fraud detection and threat intelligence platform, which addresses growing types of cyber fraud for financial institutions.

Addressing the escalating rise in cyber fraud, FiVerity has initially focused on fighting synthetic identity fraud - the fastest growing financial fraud at 25% per year that accounts for 20% of consumer credit losses, according to the Federal Reserve, and cost the industry over $20bn last year.

FiVerity's platform overlays existing systems and data services with a layer of machine learning that learns from human intelligence to provide a holistic perspective on fraud.

"The increasing seriousness of synthetic identity fraud provided the initial focus for our market entrance. We've seen great results in preventing this type of cyber fraud, upwards of 40%, for our bank and credit union customers," said Greg Woolf, founder and CEO of FiVerity.

"But SIF detection and prevention is just for starters, our Platform has much broader applicability. This funding will help build momentum with our existing solutions, while also expanding to other types of financial cyber fraud and threat intelligence needs."

"While the fraudsters are mounting an AI arms-race, FiVerity has enabled banks and credit unions to stay ahead of the hackers and their cyber fraud schemes," said Adrian Mendoza, founder and general partner with Mendoza Ventures.

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