19 May 2023
2 min read
Nethone was included in the top 100 for its award-winning approach to dealing with fraud using AI-powered solutions. By using its proprietary Know Your User™ (KYU) profiling solution, companies are able to better understand every single end-user of their service, while effectively weeding out fraudsters.
With machine learning model rules and behavioral biometrics incorporated into a service flow, it is possible to automatically analyse 5,000+ data attributes in real-time, easing the process of implementing frictionless authentication of users throughout the entire user lifecycle - from registration, and use of service, to making payments, and even in post-transaction disputes. Positive behaviors are rewarded with an enhanced UX, while suspicious user behaviors that indicate a high probability of fraud are stopped from causing your business any damage.
The need for innovation is necessary now more than ever as cyber threats are becoming more advanced, contributing to an increase in global fraud rates. Fortunately, the cyber tech necessary to combat these threats is also greatly improving - the cyber tech sector is predicted to grow at a CAGR of 13.8% from $172.3bn to $424.9bn in the period 2023-30.
“As challenges such as ransomware, phishing and data breaches still plague financial institutions, there has never been a more important time for businesses to use CyberTech solutions,” said FinTech Global director Richard Sachar.
“With the average cost of data breaches being in the millions, it is critical firms look for the solutions that can guarantee their protection, particularly as the tough economic climate puts pressure on finances. This year’s CyberTech100 list arms companies with the necessary information to find the industry change-makers who are providing companies with the opportunity to be well protected against these threats.”
For more detailed information, visit the CybertTech100 site to see the impressive full list of companies to make the final 100.