Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the financial sector. This time, you get to discover 5 hand-picked cybersecurity startups tackling financial crime.
Global Startup Heat Map highlights 5 Top Cybersecurity Startups tackling Financial Crime out of 436
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 2.093.000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 436 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 cybersecurity startups tackling financial crime that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 431 cybersecurity startups tackling financial crime, get in touch.
NsKnox offers a Corporate Payment Security Solution
The Covid-19 pandemic has increased the usage of digital transactions and payments. At the same time, the surge in cyber fraud has also increased. As companies continue to work from home, bank details change and vendor fraud becomes easier to carry out. For example, employees may use false documents to control an organization’s billing system and generate payment for their advantage. In response, startups are developing payment security systems to help companies and banks prevent payment fraud.
NsKnox is a US-based startup that focuses on corporate payment security. The startup’s solution, PaymentKnox, for accounts receivables, enables automated and secure payment validation using quantum-resistant encryption. It helps corporates and financial institutes protect themself against cyber fraud. The startup also provides other solutions for accounts payable, such as account validation, data guards, and payment checks.
Bleckwen develops an AI-based Anti-Money Laundering (AML) Platform
Criminals launder the money acquired through illegal activity and often transfer it to offshore destinations. In general, financial institutions mitigate money laundering processes by implementing know-your-customers (KYC) software. Updated KYC helps in detecting unusual transactions and also identifies unusual activity in a client’s account. Startups build platforms that incorporate artificial intelligence (AI) and big data to protect individuals and organizations from money laundering crimes.
Bleckwen is a startup based out of France developing an AI-based AML system to detect money laundering and financial fraud. The platform uses machine learning (ML) algorithms and real-time behavioral analytics to monitor financial flows. If the platform detects any anomalies, it then sends alerts to notify the concerned stakeholders. The platform helps banks and financial institutions prevent money laundering and financial crimes, in addition to solutions that tackle credit card fraud.
RapidID offers Electronic Identity Verification
Identity theft is one of the most prevalent types of fraud committed globally. Identity verifications help to prevent bribery, terrorist financing, and other cybercrimes. Moreover, implementing identity verification at financial institutions helps protect businesses from criminal and fraudulent activities, as well as minimize operational costs. Startups are offering online document & biometric verification solutions to confirm customer identity.
Australian startup RapidID offers an electronic identity verification solution to check whether a digital client is, in fact, who they say they are. It helps banks safeguard transactions and mitigate money laundering or terrorist funding. Further, to speed up the process, smartphone-based solutions process biometrics and identification documents to verify identities. The startup also uses facial matching technology to ensure transactions are carried out only by authorized personnel. Therefore, the startup reduces human error and eliminates the chance of security breaches.
Spotixx develops a Financial Crime Detection Platform
Due to the advances in spoofing and decryption technologies, there has been an increase in online financial crimes. Cybercriminals traditionally gain access to card information through electronic wallet theft, internet fraud, as well as fake telemarketing offers. To address these challenges, startups offer AI-based platforms to identify and prevent crimes related to digital payments and credit cards.
German-based startup Spotixx provides an AI platform to monitor fraud and financial crime. The startup incorporates ML algorithms that enable AML and fraud analytics. Moreover, it supports fraud management processes such as regulations, system design, software implementation, operations, and continuous model updates to prevent payments and credit card crimes. The platform also helps institutions detect credit application fraud and insurance claim fraud.
TruNarrative provides a Fraud Detection Platform
As financial institutions incorporate digital services, customers also prefer using them since they are less time-consuming and always available. However, cybercriminals utilize this opportunity to generate fraudulent applications for loans or new bank accounts. They gain access to customers’ personal information and later utilize them for application fraud. For example, financial criminals manipulate demand deposit accounts, credit cards, and commit first-party fraud. To tackle these challenges, startups develop online authentication solutions that use AI and cloud-based technologies.
British startup TruNarrative offers an automated, cloud-based financial crime management platform. The startup utilizes ML algorithms to detect new application fraud by offering configurable risk-based decisions. The platform analyzes multiple data sources from the Data Cloud App Store and also from its proprietary data. This allows banks and financial institutions to detect fraud much easier and faster. The platform offers other solutions such as ID verification, eKYC, transaction monitoring, risk rating, and platform management, among others.
Discover more Cybersecurity startups
Cybersecurity startups tackling financial crime, such as the examples highlighted in this report, focus on anti-money laundering, financial fraud detection, identity verification as well as secure payment solutions. While all of these technologies play a major role in preventing financial fraud, they only represent the tip of the iceberg. To explore more cybersecurity technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free Industry Innovation Reports to save your time and improve strategic decision-making.