How they describe themselves: Rippleshot’s cloud-based technology detects bank card data breaches, usually before card issuers or merchants have any idea.
We use a big data approach in order to stop credit card breaches by focusing on merchant behavior instead of consumer behavior. We analyze millions of credit card transactions per day, spotting common shopping history in fraudulent credit cards. This approach lets us specifically identify where card data was stolen to particular stores, particular days, even down to individual point-of-sales terminals.
Rippleshot can stop more than half of the fraudulent spend from compromised cards, saving money for issuers and brand reputation for merchants.
How they describe their product/innovation: Rippleshot’s sophisticated web user interface allows card issuers to spot breaches early, view trends in compromised card spends, efficiently reissue compromised cards, and deploy real-time decline rules to stem the losses in the meantime. The merchant portal gives ADT-like alerts so merchants can stop their breach sooner and have time to prepare their response to the public.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other FinTech companies and platforms, licensed