Rabobank has invested in fraud detection fintech ThreatFabric.
Co-developed with ABN Amro, ThreatFabric provides a software-as-Service package for bank web and mobile channels.
The investment from fellow dutch bank Rabobank - made via its captive invesment arm Rabo Investments - is an extension to an €11.3 million Seed round in May last year that involved Motive Ventures, 10x Founders and 14Peaks Capital alongside ABN Amro.
ThreatFabric’s Fraud Risk Suite majors on 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 Authorised 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.
Rabobank has been a long-term client of ThreatFabric, notes Han Sahin, CEO of ThreatFabric.
“We believe in close collaboration with our customers to elevate our products to enterprise-grade standards. I’m thrilled that Rabobank is now more than just a customer," he says. "Our journey together began nearly two decades ago with security code reviews on Rabobank’s first online banking product. Today, they are partners.
Anton Jan Cozijnsen, leading Rabobank’s fraud detection efforts, shares similar sentiments: “We’ve worked with ThreatFabric closely for years and actively collaborate on the roadmap. Co-creation is what makes their product suites so powerful. We’re excited to extend the partnership.”