Cyber Security Startups In Finance Industry have never had more chances than they have right now. Financing for cybersecurity projects is expected to more than quadruple from prior years, reaching over $22 billion by 2022. Cyber-attackers’ strategies are always improving, hence it is critical that new cyber security companies emerge to keep people and businesses safe from cyber-attacks.
Here are top 5 cyber security startups in finance Industry;
RapidID, an Australian start-up, provides an electronic identity verification tool to examine whether a digital customer is indeed who they claim to be. With this technology, banks are able to prevent money laundering or terrorist financing. In order to speed up the verification process, smartphone-based solutions analyze biometrics and identity papers to validate identities. Facial recognition technology is also used by the firm to guarantee that only authorized individuals are able to conduct transactions. The company therefore decreases human mistake and eliminates the possibility of security breaches.
Identity theft is a common kind of fraud, affecting people all over the world. The use of identity verifications helps to avoid bribery, terrorist funding, and other criminality. In addition, establishing identity verification at financial institutions helps safeguard organizations from illegal and fraudulent activity and save operating expenses. Startups are providing online document and biometric verification services to verify consumer identification.
Spotixx, a start-up established in Germany, offers an AI platform for monitoring financial fraud. Algorithms for AML and fraud detection have been included into the startup. Another benefit is the assistance for fraud management procedures such as rules development, system design, introduction of new software and ongoing model changes. Institutions may use the platform to spot fraudulent credit applications and insurance claims.
Online financial crimes have increased as a result of advancements in spoofing and decryption technology. Theft of electronic wallets, online fraud, and phony telemarketing offers are common methods used by cybercriminals to get their hands on cardholder data. A number of firms have come out with AI-based technologies that can detect and prevent digital payment and credit card fraud.
TruNarrative is a British firm that provides an automated, cloud-based platform for financial crime management. The start-up uses machine learning algorithms to identify new forms of application fraud and then makes risk-based judgments based on that information. From the Data Cloud App Store as well as its own unique data, the platform analyzes a wide range of data points Fraud may be detected considerably more quickly and easily thanks to this technology. The platform also provides a variety of additional services, including ID verification, eKYC, transaction monitoring, risk assessment, and platform administration.
Customer preference for utilizing digital services grows when financial institutions include them since they are less time-consuming and constantly accessible. Cybercriminals, on the other hand, take advantage of this chance to make bogus applications for loans or bank accounts. Customers’ personal information is obtained and then used for application fraud. Financial fraudsters, for example, are adept at manipulating demand deposit accounts, credit cards, and first-party fraud. Using artificial intelligence (AI) and cloud computing technology, companies are devising new methods of online authentication.
Bleckwen is a French start-up creating an AML system based on AI to identify financial crime and money laundering. Machine learning (ML) techniques and behavioral analytics are used to track cash flows on the platform. The platform then provides notifications to the relevant stakeholders if it discovers any irregularities. Banks and other financial organizations may use the platform to prevent money laundering and other financial crimes, as well as ways to combat credit card fraud.
The proceeds of criminal activities are often transferred to other countries via the process of money laundering. Know-your-customers (KYC) software is often used by financial organizations to reduce the risk of money laundering. As a result of updated KYC, suspicious transactions and activity in a client’s account may be seen and flagged. Startups are developing systems that use AI and big data to guard against the laundering of illicit funds.
5. Duality Technologies
Duality Technologies is a US-based company that creates Duality SecurePlus, a privacy-preserving collaboration platform. The startup’s privacy-enhancing technology (PET) leverages encrypted artificial intelligence (AI) models to operate with encrypted data and provide query results. Malicious attackers are unable to get access to sensitive information since the original data has not been decrypted. In this way, Duality SecurePlus enables financial institutions to securely interact across institutions and business lines while limiting the danger of cyberattacks. Financial crime and risk and compliance teams may monitor client activities such as KYC (Know Your Customer) checks and cash transactions with regulatory compliances by using this system.
Customers’ contacts with banks are tracked throughout the lifecycle of their accounts, from onboarding to closure. For this reason, mobile banking transactions, credit card purchases and e-commerce sales all contribute to a client’s customer lifetime value. For this reason, a comprehensive security system is required for the storing of such sensitive information. As a result, startups offer banks and NBFCs with safe means of communicating with their customers and employees.
For the last decade, cyber security has been one of the most talked-about technologies. It has been the technology of choice for a number of tech entrepreneurs who want to develop significant companies.