Discover How ThreatMark Is Preventing Online Banking Fraud

Discover How ThreatMark Is Preventing Online Banking Fraud
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We recently sat down with Michal Tresner (CEO and Co-Founder) and Kryštof Hilar (CTO and Co-Founder) at ThreatMark. Threatmark is a Czech Cybersecurity Startup, on a mission to protect banks from Cyber Threat and Online Frauds.

ThreatMark: Preventing Online Banking Fraud

What motivated you to start ThreatMark?

I could see the excellent disruption potential in the banking fraud space that was occupied by big clumsy companies charging millions for inferior products that they’re unable to fight even the basic attacks. – Michal Tresner, CEO & Co-Founder at ThreatMark

I always wished that one day I will create something big and impactful. When thinking about big things you soon realize that there are no such achievements you can reach without a partner, team, and company. The big things can only be achieved by leveraging the diverse skills of many people working together towards one goal. For that, you don’t need only great people with bright and open minds but also you need to be able to convince them that their efforts have meaning.

How have you attracted customers and grown ThreatMark?

Apart from traditional sales and marketing activities, we were growing substantially through “word of mouth”. Basically clients and partners that worked with us previously liked working with us and spread the good word across their network. Such a reference is the best sales strategy. By that I mean it is not only applicable in getting new customers it is the same principle that works the best for hiring.

How do you help your customers and partners?

ThreatMark’s next-generation fraud prevention solution called Anti-Fraud Suite (AFS) was created as an answer to the pains of the financial services industry, constantly facing various forms of cybercrime, fraud, and regulatory challenges.

We have found that existing fraud detection systems cannot compete with the ever-changing fraud landscape and evolving techniques. Thus, we make a unique approach to fight against online banking fraud by building Big Data for each user and applying Machine Learning Intelligence and Cyber Threat detection. As a result, we can:

  • Detect Application hijacking, Phishing, Zero-days attacks, Botnets, user behavior by biometrics, detection of cloned websites.
  • Reduce the costs of double authentication and authorization by 90%. Which also improves the user experience.
  • Reduce 90% of false positives.
  • Compliance with PSD2 SCA RTS.

What makes ThreatMark different?

Our Anti-Fraud Suite Solution combines three features that have become an absolute necessity for today’s connected world:

  • A powerful machine learning-based engine for payments transaction monitoring and risk analysis.
  • An evidence-based cyber threat detection mechanism detecting zero-day attacks such as different type of malware, phishing domains , bots and other attacks, without using any agents or disturbing users.
  • Unique behavioral profiling techniques for a detection of account take over,and making risk-based strong authentication by behavior biometrics, without adding friction to legitimate users and customers.

What is your vision for the future?

There are a couple of trends that are obvious. The world is moving towards full online, cashless payments that will happen across devices with unprecedented speed at the ever-larger scale as more people are born and get to the online world. Seamless authentication, great user experience, and security are those attributes that need to be achieved in order to support this global growth. I would like ThreatMark to be at the forefront of this change through great technology and services. Our solution brings trust to the digital interactions between customers and businesses and among people as such.

How to get in contact with ThreatMark?

You will find all the information via our website: https://www.threatmark.com/

ThreatMark’s Social Media:

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Javier Nieto León

When I started as a Business Development Manager at a Tech Startup Vendor in 2014, I faced the issues and the pains about how hard it is becoming a global Tech Startups. The Startups Tips mission is to help your Tech Startups to go from Local to Global.

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