FiVerity, a leading provider of machine learning solutions for cyber fraud detection and threat intelligence, unveiled its Collaborative AI Platform, a machine learning solution for detecting and preventing cyber fraud. The new FiVerity Platform will benefit from involvement of the National Cyber-Forensics and Training Alliance (NCFTA) as a research partner. Several major banks and credit unions are adopting the solution to combat synthetic identity fraud, or SIF, the fastest growing type of fraud.
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@FiVerity’s new Collaborative AI Platform reflects the realization financial services, government agencies, law enforcement, need a well-coordinated, collaborative approach to address the #SyntheticIdentityFraud (#SIF) problem. #cybercrime #cyberfraud
FiVerity’s new Collaborative AI Platform reflects the growing realization among financial services, government agencies, and law enforcement, that a broader, well-coordinated and more collaborative approach is needed to address the growing SIF problem. With its advanced machine-learning capabilities, the Platform uses pattern matching rather than consumer personally identifiable information (PII) to share intelligence about fraudsters between participants, including banks and credit unions.
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To broaden awareness and spotlight the growing SIF problem, NCFTA and FiVerity jointly published a security bulletin today on this specific type of cyber fraud. Entitled ‘Advisory on Synthetic Identities used by cyber-criminals to infiltrate financial institutions,” the advisory outlined the specialized tactics that SIF fraudsters use. It also highlights how the new Collaborative Platform, with its public-private partnership, is a significantly more effective way to fight cyber-crime.
“Public-private collaboration, and better communication and information sharing between financial services companies, industry regulators, and law enforcement agencies is the only effective way to fight SIF and other rapidly evolving types of cyber fraud,” said Matt LaVigna, CEO of NCFTA. “The FiVerity Platform seeks to bring several great weapons to this fight. It gets everyone past the old PII roadblock, and it leverages but greatly improves upon legacy rules-based methodologies. We are looking forward to working with FiVerity as a new research partner in the fight against today’s well-funded and fast-moving bad actors.