ABN Amro has co-led a €11.5 million seed round in fraud detection fintech ThreatFabric to exp[and its technical capabilities and support its growth.
Co-developed with ABN Amro, ThreatFabric provides a software-as-Service package for bank web and mobile channels.
A large part of the investment will be used to extend two separate protection layers of ThreatFabric’s Fraud Risk Suite including behaviour-based location intelligence and behavioural biometrics. The latter uses AI to to define criminal attacks paths through continuous threat modelling. As an example, the company cites the strong need for drained savings, the use of new Remote Access Tools or call spoofing apps as typical calling cards used by fraudsters in Authorized Push Payment (APP) fraud.
Once a fraudster visits these attack paths or uses new attack tools, additional risk scores are added to the overall behavioural analytics engine.
Han Sahin, CEO at ThreatFabric, comments: "This Seed Round with investment capital from ABN Amro Ventures, Motive Ventures, and participation from 10xFounders and 14Peaks capital will be used for further expansion and to extend our Fraud Risk Suite platform focused on new proactive fraud controls. For example, with behaviour-based location intelligence and behavioural biometrics that use advanced AI models that forecast potential fraudsters online footprint inside payment journeys”.