- Fraud detection and prevention specialist Rippleshot announced a partnership with risk intelligence company Flashpoint to help fight payment card fraud.
- The partnership will combine Rippleshot’s network of more than 4,500 FIs with Flashpoint’s fraud mitigation technology to help firms detect data breaches and fraudulent activity faster.
- A 2022 Finovate Awards finalist, Rippleshot is based in Chicago, Illinois. The company made its Finovate debut in 2014.
Rippleshot’s technology relies on a data consortium of more than 4,500 financial institutions – as well as AI/ML, automation, and data-driven strategies – to quickly detect data breaches and determine when and where the breach occurred. Combining Rippleshot’s compromised and high-risk merchant data and insights with Flashpoint’s payment and credit card fraud mitigation solution will enable financial institutions to upgrade their fraud prevention strategies.
“Flashpoint is a market leader in delivering intelligence that provides a detailed view into what cyber criminals in illicit communities are seeing,” Rippleshot CEO and co-founder Canh Tran said. “By pairing that with Rippleshot’s compromised and high-risk merchant data, this partnership will equip the industry with unparalleled financial intelligence to react much more quickly to instances of verified card fraud and proactively stop further damage from fraudsters.”
A Finovate alum since its debut at FinovateSpring in 2014, Rippleshot was named a finalist in the Best Back-Office/Core Services Solution category of the 2022 Finovate Awards for its collaboration with fellow Finovate alum Fiserv. The international financial services technology company embraced Rippleshot’s Card Risk Office Fraud Warning product, an early breach detection solution that enables FIs to spot potentially fraudulent activity 30 to 60 days before network alerts.
“Card fraud is a complex and ever-changing problem that demands a collaborative and proactive approach to tackle it effectively, so that cardholders can feel secure about the financial information they are using, storing, or transacting with,” Tran said when the partnership was announced. “We are excited to partner with Fiserv, a fintech leader that shares our passion and expertise when it comes to fraud-fighting technologies.”
Founded in 2013 and headquartered in Chicago, Illinois, Rippleshot has raised $7.3 million in funding according to Crunchbase. The company includes Method Capital , CMFG Ventures, and Wintrust Ventures among its investors.