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11 October 2021updated 06 Nov 2021 4:53am

FiVerity Unveils Machine Learning-Powered Solution to Detect and Prevent Cyber Fraud

Concept: US-based tech startup FiVerity has launched a new machine learning solution,  Collaborative AI platform, to detect and prevent cybercrime. It helps banks, credit unions, credit cards and other financial service providers in combating synthetic identity fraud (SIF). The platform identifies fraudsters using a pattern matching technique without needing consumer personally identifiable information (PII).

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
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Nature of Disruption: FiVerity uses a collaborative AI platform that collects the customer account data submitted by the financial institutions to verify the applicants. The solution then provides scores for each application considering the level of risk instantly. The institutions can analyze and reject the high-risk applications and review the ones that seem suspicious. The platform leverages legacy rules-based methodologies for reviewing and deciding whether to reject the applications. It uses machine-learning to learn from the patterns from the customer data sets to build their prevention and detection capabilities. The platform has detected more than 35% of the undetected SIF for financial institutions utilizing machine learning solutions. The AI platform can perform customer onboarding, application processing and credit verification processes, helping banks and other institutions to streamline and scale their business operations.

Outlook: The major threat faced by banks and financial institutions is SIF, which causes losses in the industry. Identifying criminals who create fake identities and produce false information to avail loans from the institutes is a time-consuming process because they use automation tools to create identities and banks could not identify such cases. FiVerity’s AI platform acts as a central resource that helps banks and credit unions to identify fraudsters by analyzing the customer account data. The startup has plans to provide the solution to other industries and government agencies after the completion of the initial pilot phase.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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