Cleafy raises EUR 10 mln to reduce online banking fraud

Tuesday 12 September 2023 13:40 CET | News

Fraud management solution provider Cleafy has raised EUR 10 million in United Ventures funding. 

The additional capital will be used to expand the company and its platform to new markets and institutions globally. Cleafy’s vision to prevent fraud and enhance the digital experience aligns with the growth seen within the cybersecurity sector, especially in the areas of online banking and payment fraud prevention.

Fraud management solution provider Cleafy has raised EUR 10 million in United Ventures funding.

The company’s objective is to anticipate attacks and inhibit fraud while ensuring the seamless functioning of digital banking platforms and providing users with an optimal experience. 

Cleafy’s anti-fraud solution

With a data-driven technology, Cleafy’s core engine collects, orchestrates, and correlates data gathered from every session on digital channels, in order to develop indicators of anomalies and present them in the form of tags. The platform can be integrated with any tech ecosystem and can send automated responses that may stop cyberattacks, without interrupting users from their activities.

Cleafy’s platform provides transaction risk and behavioural analysis, malware and BOT detection, device telemetry, device ID, collective intelligence, and behavioural biometrics. The company’s Threat Intelligence Team works on discovering complex attacks, and directly classifying them inside the platform. Through this, users can automate their optimal responses and improve security by having immediate visibility of the fraud schemes.

Moreover, the engine offers an optimised customer experience through its dashboards and flexible proprietary query language. By using a set of APIs, users can seamlessly integrate Cleafy into their ecosystem, as well as activate it in a short amount of time for rapidly optimising their anti-fraud process. Some of Cleafy’s partners include Google Cloud, ForgeRock, Splunk, Microsoft, Citrix, Elastic, and Kong.

With Cleafy, users can detect behavioural, transactional, or device-related irregularities with the platform’s ML algorithms, as well as automatically recognise them once malicious patterns are identified. 

The rise of cyberattacks and fraud

According to Experian’s report, the recent growth of fintech, cryptocurrency, and embedded finance options from alternative providers has modified the financial services industry, entities focusing on a seamless and secure customer experience. This increase is due to the expanding demand of consumers, impacted by a shift towards digital products, as well as the pandemic-induced online growth.

As companies work towards accommodating the digital requests of consumers, they also deal with an advancing fraud landscape, the losses from online payment fraud being projected to reach EUR 192 billion between 2021 and 2025. This stimulated the growth of fraud detection and prevention methods, with machine learning and AI allowing businesses to contend with the evolving fraudsters.  

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Keywords: fraud management, fraud detection, fraud prevention, online banking, funding
Categories: Fraud & Financial Crime
Companies: Cleafy
Countries: World
This article is part of category

Fraud & Financial Crime


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