Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

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Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.

 

Finovate Alumni News

On Finovate.com

  • Swych Introduces Themed, Multi-Currency, Digital Gifting Options.
  • Persado Unveils Persado One, Lands $30 Million Credit Facility from Silicon Valley Bank.
  • Personetics Leverages AI to Help Chip Away at Student Loan Crisis.
  • Two-Time Best of Show Winner Finn.ai Raises $3 Million in New Funding.

Around the web

  • Actiance launches Safe Landing Program to ensure continuous compliance for stranded CA data protection customers.
  • PayNearMe helps NYC residents and visitors pay parking tickets with cash.
  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Revolut announces plans to expand to Singapore.
  • Zafin launches digital origination platform and partner ecosystem, Zafin Origin.
  • Klarna expands partnership with Arcadia, adding new payment solutions.
  • Yoyo Wallet reaches processing milestone of more than 1.75 million transactions per month.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mitek Acquires ICAR for $15 Million

Mobile capture and identity solutions company Mitek Systems scored a win for its identity verification arm this week. The company has acquired Barcelona-based ICAR for $15 million (€12.75 million).

In addition to strengthening Mitek’s position in the consumer identity and access management market, the move is expected to bolster the company’s stance overall in the industry. The acquisition will enable Mitek to offer extensive identity document coverage in North America, Europe, and Latin America and will increase Mitek’s capabilities with several new factors of authentication. Additionally, Mitek can now enable customer onboarding and authentication on both web and mobile interfaces.

“The technical and cultural fit between ICAR and Mitek is a tremendous opportunity to maximize value for shareholders, while expanding our mission to bring the highest quality user experience and digital identity verification solutions to our customers globally,” said James B. DeBello, Chief Executive Officer of Mitek and Chairman of the Mitek Board of Directors.

ICAR was founded in 2002 and facilitates more than 20 million identity validations per year. The company is headquartered in Barcelona with offices in Madrid, São Paulo, and Mexico City. ICAR is a spin-off of Computer Vision Center of the Universitat Autónoma de Barcelona which, combined with researchers from Mitek Labs, will boost Mitek’s expertise in how machine learning and computer vision enhance digital identity verification.

At FinovateEurope 2017, ICAR’s CEO Xavier Codó and CMO Mariona Campmany demonstrated the company’s IDMobile solution that analyzes factors such as the consumer’s geolocation, email address, social networks and compares them with the user’s selfie and ID photo. Check out an interview we conducted with Campmany earlier this year.

Mitek recently demoed its MobileVerify solution at FinovateFall 2017. The company is publicly traded on NASDAQ under the ticker “MITK”. Mitek was founded in 1985 and is headquartered in San Diego, California. Last month, the company began leveraging near field communication (NFC) technology to add another factor of authentication by reading data held on RFID chips embedded into documents.

Finovate Alumni News

On Finovate.com

  • BankBazaar Receives $30 Million in Funding Round Led by Experian.
  • Feedzai Secures $50 Million in New Funding.
  • BlueVine Lands $130 Million in Debt Financing.
  • Sensibill Brings Receipt Management to Royal Bank of Scotland’s Business Banking Customers.

Around the web

  • Entersekt hires Sherif Samy as SVP for North American operations.
  • Visa and Billtrust team up to streamline B2B payment reconciliation and support automation of virtual card payments.
  • PayPal announces Vemno is now payment option at more than two million U.S. retailers.
  • Narrative Science wins Microsoft Office 2017 App Award for Best Business Value.
  • TransCard partners with ExpenseAnywhere to Deliver Automated Payment Process Management Solutions.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mitek Enhances MobileVerify with NFC

The fintech community has been eyeing the capabilities of near field communication (NFC) technology for awhile now. And though we’re still waiting for its successful application in payments, Mitek has proven that the enabling technology has a clear use case in mobile capture and identity verification. The California-based company announced today that it has added NFC capability to its Mobile Verify suite.

With this enhancement, Mobile Verify can read data held on radio-frequency identification (RFID) chips embedded in identity documents. By simply touching the RFID-powered document to their smartphone, users can easily transfer their biometric data to their phone for streamlined authentication. The NFC enhancement layers another factor of authentication by comparing three elements: 1) the user’s photograph stored on the chip, 2) the printed photo on the document, and 3) a live selfie taken by the user. The video below illustrates the user experience.

This development comes at a time when RFID-equipped documents are becoming more common. Almost 1 billion ePassports have been issued to date, and it is estimated that 3.6 billion people will have RFID-enabled ID cards by 2021. James DeBello, Mitek chairman and CEO said that fintech companies today need “modern methods for ensuring the identities of their users and verifying electronic ID documents.” DeBello added that the enhanced Mobile Verify product offers a “faster, easier and extremely secure digital identity verification process” for Mitek’s global user base.

Mitek’s solutions are embedded into the apps of 5,800 organizations with a combined user base of more than 80 million consumers. Mitek recently demoed at FinovateEurope 2017, where the company’s General Manager of Identity Solutions, Sarah Clark, and CMO, Kalle Marsal, showcased the company’s Mobile Verify solution that helps onboard customers without requiring them to visit a branch. In May, the company partnered with Trulioo to offer identity document verification with facial comparison for Trulioo’s Global Gateway API. This September, Mitek will be showcasing its newest technology at FinovateFall 2017 in New York (register today to save your spot). Check out a sneak peek of what the company plans to demo this fall.

Finovate Alumni News

On Finovate.com

  • Socure Raises $14 Million in New Funding
  • BioCatch Partners with LexisNexis to Leverage Data and Analytics for Better Risk Management
  • Colorado’s PSCU Completes Digital Banking Roll Out Powered by Malauzai Software

Around the web

  • Voice collaboration specialist GreenKey wins patent for speech-to-text technology.
  • NCR deploys Windows 10 IoT Enterprise with major European financial institution.
  • IdentityMind Global announces enhancements to its Enterprise Fraud Prevention platform.
  • Vantiv goes live with its cloud payment API, triPOS.
  • Forbes lists SoFi, Credit Karma and Prosper in its list of the 10 biggest fintechs in America.
  • ABN AMRO selects DemystData for Launchpad Program.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFall Sneak Peek: Mitek

 

A look at the companies demoing live at FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

Mitek’s Mobile Verify verifies that the applicant’s ID document is authentic, then the applicant’s bank account is checked and insights are derived to provide valuable lending risk factors.

Features

  • Provides a fully verified profile of applicant
  • Offers a quick and simple applicant experience
  • Enables lenders to verify applicants in real time

Why it’s a must-see

Mobile Verify’s multiple factors of identity verification and risk profiling transforms digital lending into a real-time experience for customer and institution.

Presenters

Steven Craig, Director, Products & Experience – Identity
Steven directs products & user experience strategy for Mitek’s global identity business. He has over a decade of experience in FinTech and and holds an MBA from the Rady School of Management at UCSD.
LinkedIn

 

Sarah Clark, VP, Product & Customer Success 
Sarah combines a proven track record in driving highly complex products to market success with a passion for business growth and product strategy. She holds a BS in Mathematics from Duke University.

LinkedIn

 


Check out more previews of upcoming FinovateFall presentations. Visit our registration page to save your spot. 

Finovate Alumni News

On Finovate.com

  • EquityZen Secures $3 Million in Round Led by Draper Associates.
  • Karmic Labs Lands $17.2 Million to Grow Enterprise Payment Solutions.
  • Innovation Acceleration: Incubators and Incubation Labs Drive Development in Fintech.

Around the web

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • Xignite launches the Xignite Channel Partner Program to offer partners integrated cloud-based market data solutions.
  • Betterment launches new Socially Responsible Investing (SRI) Portfolio.
  • Forbes profiles Unison in look at the challenges facing homebuying millennials.
  • CrowdFlower adds former Amazon AI product specialist Robert Munro as VP of Machine Learning.
  • NuCypher introduces its decentralized key management system, NuCypher KMS.
  • AltFi talks about the role of “platformification” in supporting innovation in fintech with Avoka CEO Phil Copeland.
  • IDG Connect interviews Xpenditure CEO Boris Bogaert on current trends in banking including blockchain R&D.
  • IBM opens new data centers in London, U.K.; Sydney, Australia; and San Jose, California.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Blockchain Lands $40 Million Series B.
  • With AI and Automation, Personetics Act Turns Banking Apps into Financial Wellness Apps.
  • Student Loan Genius Joins Inaugural U.S. Class of BBVA Program for Social Entrepreneurs.

Around the web

  • Greater Wyoming FCU ($23 million in assets) transitions to integrated banking solutions from Fiserv.
  • Mitek adds Jeff Davison as new Chief Financial Officer.
  • Trustly readies first The State of Online Banking report for release next week.
  • ZipZap chosen to participate in U.K. Financial Conduct Authority (FCA) Regulatory Sandbox.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Trulioo Bolsters Regtech Solution with Mitek Partnership

Trulioo’s GlobalGateway just added a layer of biometric authentication to its identity verification tool. Through a partnership with Mitek, the company will compare a photo of the user’s ID document with their selfie to ensure they are who they say they are.

GlobalGateway offers a single API to help financial services companies comply with AML and KYC regulations. The regtech platform evaluates new and existing users; its 200 data sources help identify more than four billion people in 50 countries. The new partnership with Mitek will enable Trulioo to collect, analyze, and authenticate 3,500 different types of identity documents matched against a real-time photo of the user.

“Identity document verification with facial comparison enables an additional factor of authentication for high-value transactions,” said Stephen Ufford, CEO of Trulioo. “This new partnership with Mitek ensures our clients continue to have instant access to powerful tools for their fraud prevention and compliance systems.”

At FinovateFall 2016, Trulioo’s Head of Growth, Anatoly Kvitnitsky, demonstrated how GlobalGateway blocks fraudulent users from onboarding in real time. Earlier this month, the company added new Canadian data sources to reflect Canada’s new AML rules for remote ID verification. Trulioo will offer a presentation geared toward developers at FinDEVr London next month on June 12 and 13 during London Tech Week. Register today to secure your spot at the event.

Mitek recently demoed at FinovateEurope 2017, where the company’s  General Manager of Identity Solutions, Sarah Clark, and CMO, Kalle Marsal, showcased the company’s Mobile Verify solution that helps onboard customers without requiring them to visit a branch.