ThreatFabric, an Amsterdam-based company recognized for detecting banking threats, has secured a strategic investment from OneSpan, a Boston-based firm known for its digital transaction security solutions. This alliance propels both companies into a collaborative effort to enhance the safety and security of digital transactions, amidst rising concerns over mobile device compromise and cyberfraud. The move signifies an ongoing commitment to safeguarding customer interests in a rapidly evolving digital landscape. Additionally, the expanding market need for comprehensive fraud prevention strategies complements the strategic partnership, as digital banking continues to be prone to sophisticated threats worldwide.
Previously, ThreatFabric attracted attention with funding from Rabo Investments, marking a growth trajectory in its mission to combat online fraud. Rabo Investments, along with other supporters like Motive Ventures and 10x Founders, has backed ThreatFabric in its effort to protect over 60 million banking customers globally. Historical investments laid the groundwork for its innovative tools, but the recent alliance with OneSpan signals a more substantial push towards advanced threat intelligence solutions. This further solidifies ThreatFabric’s position in the digital security domain, aligning its goals with the global fight against increasing cyber threats.
What does the partnership between ThreatFabric and OneSpan entail?
Through this investment, OneSpan gains a position on ThreatFabric’s Board of Directors and Strategic Advisory Board, granting it a strategic role in shaping future fraud prevention initiatives. This collaboration promises the enhancement of existing security frameworks, utilizing ThreatFabric’s AI-driven platforms to introduce improved defenses against app fraud, impersonation, and information theft. Such initiatives echo the growing necessity for sophisticated solutions that go beyond traditional transaction security, focusing on holistic threat prevention.
Why is the investment crucial at this time?
The investment comes amid increasing use of mobile devices as primary access points for financial services, which, according to Victor Limongelli, CEO of OneSpan, have led to a rise in device compromise and cyberfraud incidents.
“Our investment in ThreatFabric underscores OneSpan’s commitment to staying ahead of emerging digital threats,”
he remarks, emphasizing the alignment of OneSpan’s objectives with evolving customer security needs. This financial backing is not just a financial maneuver but a strategic enhancement to facilitate a secure digital banking experience, elevating trust at a time when cyber threats are becoming increasingly sophisticated.
ThreatFabric’s potent market presence and expertise in AI-powered solutions facilitate proactive fraud prevention strategies. The company’s solutions are designed to alert users before transaction completion, a unique approach that adds an extra layer of security.
“At ThreatFabric, we believe fraud prevention is about more than stopping transactions—it’s about protecting people,”
asserts Han Sahin, CEO of ThreatFabric, stressing the human-centered focus of their technology.
The integration of OneSpan into ThreatFabric’s strategic landscape introduces a new standard for mobile-first digital security solutions. As the partnership evolves, these companies are poised to develop more robust fraud detection mechanisms, addressing not only current digital risks but anticipating future cyber threats. OneSpan’s technology infrastructure is expected to advance ThreatFabric’s capabilities, reinforcing its transformative mission in digital security.
The strategic investment in ThreatFabric by OneSpan could serve as a pivotal moment in improving digital security for banking customers, simplifying the user experience while offering robust protection. As both companies advance on this path, the focus remains sharply directed towards combating fraud more effectively, helping businesses to adapt to evolving threats. By prioritizing security measures that look beyond immediate transaction protection, the collaboration is set to redefine standards in digital banking safety.
