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.

 

TASCET Teams with Secured2 to Launch Algo5 Data Security Offering

Identification technology company TASCET announced this week it has partnered with Secured2 to launch a new data security offering. The product, Algo5, aims to protect data against both internal and external breaches, hacks, and disasters.

The new data storage solution combines TASCET’s SuperToken, which verifies a user’s identity, with Secured2’s Beyond Encryption, which protects data from the origination of a document to an endpoint of cloud, local, or hybrid storage. Algo5 offers cost savings by shrinking, shredding, and dispersing data to numerous locations, each with its own encryption. To retrieve the data, users must be authorized and verified through SuperToken.

Daren Klum, CEO of Secured2 acknowledges that there are too many “weak points” in data storage and access. Explaining the advantage of the new technology, Klum said, “Algo5 brings together two technologies – identification and data security at the file level – that are changing the way companies store, access, and retrieve data.”

“Algo5 provides all of the crucial components necessary to secure data in today’s high risk environment,” said TASCET CEO Larry Aubol. “This includes the identification of users, which ensures that access is allowed only by users who are known. This step is nonexistent in approaches that rely on authentication,” he added.

Founded in 2005, TASCET debuted Financial ICONN at FinovateSpring 2012. In June of this year, TASCET announced a partnership with Mobility Exchange to bring TASCET’s SuperToken technology to Mobility Exchange’s clients. TASCET is headquartered in Madison, Wisconsin and has raised just over $13 million.

Finovate Alumni News

On Finovate.com

  • TASCET Teams with Secured2 to Launch Algo5 Data Security Offering.
  • NYMBUS Launches Digital-First Banking Platform, NYMBUS SmartDigital.

Around the web

  • Mastercard and PayPal expand partnership to Canada, Europe, LatinAm, Caribbean, the Middle East and Africa.
  • Affirmative Technologies partners with TransCard to provide electronic payment processing for SMBs.
  • FICO introduces new payment card fraud detection models.
  • Arxan receives ISO 13485 certification.

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– January 24, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThe WSJ looks at angel investing via SecondMarket.
  • BOKU announces mobile payments partnership with U.S. Cellular.
  • In 4Q 2012, peerTransfer partnered with 51 schools. Over 25% of international students in the U.S. can pay their education expenses using peerTransfer.
  • TSYS announces partnership with Priority Payment Systems.
  • Jim Offerdahl appointed as new Bazaarvoice CFO.
  • Credit Agricole is the first bank in Portugal to provide contactless cards.  See their demo at FinovateEurope in February!
  • Keynote offers free mobile testing via DeviceAnywhere.
  • American Banker reports: Iowa Bank Creates Digital Identities from Fingerprints & Photos using TASCET’s Financial ICONN software.
  • VentureBeat reports BBVA pools $100 million fund to invest in fintech startups. Come see BBVA’s live demo at FinovateEurope.
  • Credit.com announces “best balance transfer card” as part of Best Credit Cards in America series.
  • TrueOffice announces $3 million raised in Series A financing.  Catch their demo at FinovateEurope in February.
  • Access Development launches “Savings Across America” customer incentive product.
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.

Bridge Community Bank Becomes First in the U.S. to Adopt TASCET’s Financial ICONN

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Identity verification expert TASCET announced today that Bridge Community Bank has become the first bank in the U.S. to adopt its Financial ICONN solution.

Account holders at the Iowa-based bank can request their own Financial ICONN at the bank’s three locations:

    • Mount Vernon
    • Solon
    • Mechanicsville

To take advantage of Financial ICONN, a customer must provide their name, address, date and country of birth, gender, two Fingerproofs and a Faceproof. Using this data, Financial ICONN assigns the consumer a Financial Security Number that is used for authentication in future transactions.

To learn more about TASCET, watch its FinovateSpring 2012 demo.

Finovate Alumni News– January 22, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgNetbanker reports: SmartyPig Launches OneClick, Goal-Based Savings Account Browser Plugin.
  • Bridge Community Bank becomes first in the U.S. to adopt TASCET’s Financial ICONN.
  • EZBOB offering interest-only small business loans to online merchants.
  • Fenergo‘s FATCA solution featured in Datamonitor.
  • ING BusinessMobile for iOS and Android leverages Comarch Mobile Banking.
  • Corduro wins partnership, investment from Shopforbags.com.
  • Standard Chartered Bank launches “Remote Causes” to promote charitable giving through Internet Banking.
  • Ribbit Capital initiates $100 million venture capital fund.
  • Dwolla brings government payments partnership to Iowa.
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– August 21, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThreatMetrix announces availability of the latest ThreatMetrix Cybercrime Defender Platform.
  • Dashlane wins Two Awards for Innovation in Data Privacy and Personal Data at DataWeek. Come to FinovateFall to see Dashlane’s demo.
  • PaySimple appoints Sue Heilbronner as Chief Revenue Officer. See PaySimple’s demo at FinvoateFall next month.
  • Taulia provides e-invoicing & supplier self-service capabilities to a select group of suppliers for large enterprises, free of charge.
  • Credit Union Times reports Geezeo reaches 100 clients.
  • 2 Minute Finance interviews TASCET at FinovateSpring 2012.
  • E-Loan partners with Credit Karma, Lending Club, and SimpleTuition.
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– July 9, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTechCrunch reports HelloWallet brings its PFM to Android.
  • Tradeshift announces Supplier Choice Movement.
  • TASCET uses Financial ICONN technology to mitigate tax return fraud.
  • Timesfreepress.com features Rebirth Financial.
  • ProfitStars recognized as 2012 Microsoft ISV-Windows Azure Partner of the Year.
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.

TASCET Helps Financial Institutions Identify Customers by Using Fingerproofs

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Afterwards, TASCET demonstrated how Financial ICONN enables financial institutions to use biometrics to identify customers:
“Financial ICONN is a digital representation of a person’s identity as confirmed through TASCET’s Identity Infrastructure. Financial ICONN gives financial institutions a means to identify their customers without relying on Social Security numbers, virtually eliminating identity fraud and the use of synthetic identities.
Customers activate their Financial ICONN within each institution with whom they do business by providing two Fingerproofs, a Faceproof and limited biographic information. Once activated, consumers regain their privacy because ICONN verifies their identity when conducting transactions or accessing financial information. Financial ICONN allows financial institutions to give customers a personal firewall and engages them in the fight against fraud.”
Product Launched: May 2012
HQ Location: Madison, WI
Company Founded: March 2005
Metrics: $16 million in equity capital raised, 33 full time employees
Website: tascet.com
Introducing Larry Aubol (Founder & CEO), Rocky Alam (CTO), and Lynnea Krajco (Social Media Director)

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FinovateSpring 2012 Sneak Peek: Part 1

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More than 60 leading fintech innovators, both startups and established companies, are gearing up to present at the annual FinovateSpring conference in San Francisco May 8 and 9.

Each company provided a sneak peek of what they’ll demo on stage next month. Below is the first installment of these teasers. We’ll have more next week.

Don’t miss your chance to see the live demo from each company and meet the execs responsible. Get your FinovateSpring ticket here.

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Balance Street

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The premier direct marketplace between consumers and creditors for the purpose of debt settlement, Balance Street, provides consumers the opportunity to relieve their debt burden without fees. Consumers use its web-based automated system to negotiate with creditors directly, avoiding debt settlement companies who charge exorbitant fees (up to 20% of total debt owed).

Eliminating this 20% market inefficiency makes for a better financial outcome for consumers and creditors. With over $780 billion in credit card debt in the U.S., the Balance Street technology will revolutionize the way debt is settled.

Innovation type: Cards, marketing, PFM

Bazaarvoice

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See how leading brands are harnessing the power of online word-of-mouth to boost customer referrals, sales, retention, advocacy, and company innovation while building the world’s most powerful social data asset.

Innovation type: Communications, marketing, sales and customer service

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BehavioSec

No one wants a complicated process for logging in to online or mobile banking. European banks have been forced to go down this route with hardware tokens and smart cards.

So now when U.S. banks will be rolling out new multi-layered security on the front-end following FFIEC, will we see the same thing here?

With BehavioSec’s solution there is a better choice. They add multilayered security through the use of behavioral biometrics. So when the user connects via mobile or online, the technology helps verify that they are who they say they are. Learn more at FinovateSpring 2012.

Innovation type: Identity, mobile, security

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BillGuard

BillGuard identifies deceptive, erroneous and unauthorized charges on consumer payment cards using advanced crowdsourcing and big-data mining techniques that harness the collective knowledge of millions of consumers reporting billing complaints online and to their banks. 

BillGuard’s Advanced Card Protection Service for Banks is a seamlessly integrated, cloud-based solution that enables issuers to generate new value-add service revenue, and lower inquiry/dispute processing costs, by providing their customers daily bill monitoring and notification, enriched transition details and direct-to-merchant resolution.
Innovation type: Cards, communications, online UI

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CoverHound is changing the way people shop for insurance online. Launching at FinovateSpring, CoverHound’s new rate comparison shopping service allows consumers for the first time to compare multiple, instant, accurate rates from top carriers. CoverHound will also be demonstrating an exciting array of products specifically designed to help banks and credit unions generate significant non-interest income while providing a valuable service to their members.
Innovation type: Insurance

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Never before has it been so easy for companies to provide business and retail customers with a way to validate creditworthiness through the use of online deposits. eDeposit provides patented funds visibility and real time settlement to markets across the U.S. in an innovative, new form of payment.
At FinovateSpring, eDeposit announces a new innovation that makes conducting B2B and B2C e-business faster, cheaper and safer.
Innovation type: Payments, security, small business

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From “check-in to check-out”, intersecting the worlds of Payments and Advertising, edo takes the next step forward in its vision to transform shopping and saving.  
This next wave connects mobile and multi-channel retail . . . imagine a world where purchase and location meet and the new standard for mobile advertising moves from “check-in” to “check-out.”
Innovation type: Marketing, mobile, rewards

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Expensify <3’s Finovate — they view it as the premier stage on which to make their biggest announcement of
the year. Three years ago, it launched an open beta on the Finovate stage. Two years ago, it unveiled a major realtime analytics feature. One year ago it launched a revolutionary SmartScan service. But this year will trump all that.  A whole new approach to business travel. Prepare yourself!

Innovation type: Back office, mobile, small business

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Most investors have assets spread across financial institutions and accounts, including limited-option accounts such as their employer’s 401(k) plan.
Managing this is a chore – including figuring out which funds, in which amounts, and rebalancing.
Well, it was a chore, before FutureAdvisor.
Innovation type: Investing and asset management, online, PFM

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Giftly is inventing the future of the gift card. Using its new iPhone app, users can send anyone a Giftly for any place they choose. The recipient redeems it on their smartphone when they go. It’s fast, fun, and secure.
Giftly’s app and web products have been designed to be social, simple, and powerful. Thanks to Facebook, Foursquare, and smart iOS integration, you’ll always know which friends are celebrating birthdays, are checking in to cool new places, or are otherwise in need of a quick gift.

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Is it possible to separate the fun of buying from the nuisance of paying? Klarna thinks so. The idea behind Klarna’s e-commerce services is the concept of after-delivery payment, letting buyers receive ordered goods before any payment is due. Instead of giving financial information, buyers shop with Klarna just by giving their name and select information (Klarna calculates the risk).
Innovation type: Payments

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Linkable Networks will be debuting a first-to-market capability that significantly broadens the value proposition of card-linked offers to issuing banks, merchants, manufacturers, and cardholding consumers. In addition, Linkable Networks will demonstrate new features recently added to its product platform and user interface.
Innovation type: Cards, mobile, rewards


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MShift believes that financial institutions need to enhance existing mobile banking solutions into mobile wallet and payment solutions.
At Finovate, MShift will demonstrate how mobile banking can influence how a consumer spends money in various retail scenarios.
Innovation type: Banking, payments, small business

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Your customers go mobile with smartphones and tablets. When they cannot fulfill their needs in mobile self-service, do you jump in at the right time to help them complete their business? Do you want to maximize the opportunity for smart customer experience and increased business via smart mobile devices (while reducing costs)? NICE Mobile Reach can do that for you. Don’t miss its demo at FinovateSpring.
Innovation type: Mobile, sales

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Personal Capital is wealth management for the Internet Age. The company’s online platform combines digital technology with highly personalized service to provide a holistic view of your unique financial picture. The free online dashboard presents all of your financial data in one place, including an assessment of your allocation, investment risk and fees.
These days, the financial lives of Americans are becoming more and more complex. At FinovateSpring, Personal Capital will unveil core new features that enable you to access your financial data in real time, on-the-go. You’ll be able to view and do, anywhere, anytime.
Innovation type: Investing, mobile, PFM

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Pindrop Security provides enterprise solutions that help prevent phone-based fraud. Pindrop’s acoustical fingerprinting technology detects fraudulent calls and authenticates legitimate callers, helping customers eliminate financial losses and reduce operational costs. Pindrop’s breakthrough technology is the first of its kind to fingerprint individual phone calls, providing verification of caller provenance. 
Recently named one of the 10 Most Innovative Companies at the 2012 RSA conference, Pindrop’s solutions help companies feel more confident in the security of phone-based financial transactions.
Innovation type: Identity,
security

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Easily administer and coordinate your annual budget with Budget Manager from ProfitStars. ProfitStars takes the headaches, and the spreadsheets, out of the budgeting process and optimize the efficiency and effectiveness of budgeting and planning.  
The company will show you how this newly redesigned browser-based version enables users to construct and manage a more efficient budgeting process, including how to tackle more difficult items like salaries and fixed assets.
Innovation type: Banking

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Discover a new Facebook app for banks that will not only make you relevant and engage Facebook users, but will also get your customers recommending and endorsing your card products.  It drives great loyalty from existing customers and also helps to devise new customer acquisition –all through Facebook. 

Serverside does this by letting people design their own credit or debit card using a picture from their Facebook gallery, then post it to their Facebook wall. Their friends then click on the card image to design their own card and help your bank to go viral!

Innovation type: cards


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Social Money can provide any bank in the world its own branded version of our revolutionary and award-winning SmartyPig technology. A new bank can be up and running on our system within 90 days in any language and currency, for a fraction of the cost of internal development efforts.
Innovation type: Banking products, PFM

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The dawn of compliance solutions that work.
Meet Molly. 115 different people use Molly’s SSN.
Financial institutions have no idea who these people really are.
This is possible because FIs and so-called identity protection companies can only verify identity. Verification is not enough. Full identification is needed to fight fraud and provide FIs the means to meet compliance requirements. Only Financial ICONN from TASCET can identify financial customers.
Once Molly activates her ICONN, TASCET proactively secures her identity and FIs know exactly who she is.
Innovation type: Identity, security

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Taulia takes the waste out of the supply chains of Fortune 500 Enterprises while simultaneously solving the cash-flow needs of their suppliers. The large enterprise buyers get discounts by paying their invoices early. In return, their suppliers get paid when they want. In Taulia’s young life, it has already enabled small suppliers from 40+ countries around the world to receive hundreds of millions of dollars of early payments.
Innovation type: Lending, payments, small business

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The Under-18 audience has an estimated $50 billion in spending power. Learn how to successfully monetize the kids/teen market in this powerful demo by Virtual Piggy, an exciting new company that provides innovative technological solutions to help bridge the gap between children, parents and online retailers.
Innovation type: Payments

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Wall Street Survivor is the only place for the beginner to learn about investing. Guided missions, beginner-focused learning content, combined with the web’s best stock simulator help users effectively manage their financial future.
Innovation type: Investing & asset management, marketing, PFM

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Mobi
le commerce is estimated to be a $31 billion industry by 2015, but how will the underbanked participate? Wipit has unlocked mobile payments for this massive and largely untapped consumer demographic representing 25% of all U.S. households and over 70 million U.S. prepaid wireless subscribers. Underbanked consumers can now make in-app and online payments with a single click. No need for bank accounts or credit cards; Wipit lets underbanked consumers use their payment method of choice– cash.
Innovation type: Cards, payments
Stay tuned next week for another sneak peek of FinovateSpring 2012 presenting companies.