FiVerity, a creator of an anti-fraud collaboration platform, has raised $4m in a seed funding round headed by Mendon Venture Partners.
Also taking part in the round are FinCapital, Mendoza Ventures, Service Provider Capital, and Grasshopper Bank.
FiVerity said it has worked closely with financial institutions, regulators and organizations such as the US Federal Reserve and FinCEN throughout the development of its innovative anti-fraud collaboration platform to better understand the needs of the industry and ensure they can be addressed through its solution
With the new funding, FiVerity will expand its network of information providers and data, while introducing advanced machine learning algorithms. These will identify the methods fraudsters are using and compare patterns against those within a financial institution’s systems.
FiVerity said that through this unique approach it not only accelerates the detection of fraudulent accounts, but the sharing of these threats within the larger financial community in order to protect personally identifiable information and stop these activities before significant damage is inflicted.
FiVerity CEO Greg Woolf said, “Fraudsters have become increasingly innovative, turning to new AI and automation techniques to successfully deceive financial institutions into granting loans, opening accounts, and approving transactions.
“This latest investment provides the additional resources needed to expand our offerings with new real-time collaboration and information capabilities that allow financial institutions to take a proactive approach to fraud detection – identifying fraudulent activity before it impacts their business, like an ‘antivirus for fraud’.”
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