FiVerity provides an anti-fraud collaboration platform that enables real-time information sharing through anonymized exchange of fraud intelligence among financial institutions, data providers, and anti-fraud solutions. Led by CEO Greg Woolf, the platform delivers proactive alerts, transparent risk scoring, and automated fraud classification to accelerate detection and prevention of known and unknown fraud. The company has worked closely with financial institutions, regulators and organizations such as the U.S. Federal Reserve and FinCEN during platform development. FiVerity intends to use the new funding to expand its Digital Fraud Network and to introduce advanced machine learning algorithms that identify evolving fraud methods and compare those patterns against clients' applications. The company is based in Boston, MA and is positioning its anonymized intelligence-exchange capabilities for broader industry adoption. FiVerity develops a machine-learning platform, SynthID®, that detects and prevents sophisticated cyber fraud in real time, with initial focus on synthetic identity fraud (SIF). The platform overlays existing systems and data services, learning from human intelligence and sharing actionable threat intelligence across a community of financial institutions, regulators, and law enforcement. FiVerity reports customer results of preventing SIF “upwards of 40%” for its bank and credit union customers. The company plans to use new funding to expand product capabilities, broaden coverage of other types of financial cyber fraud, and ramp up sales and marketing. FiVerity has strengthened its advisory board with industry and government experts and was included by the Federal Reserve in a whitepaper on SIF mitigation and invited to a standards-definition group. The company emphasizes secure identity management and public-private collaboration to scale consumer lending, onboarding, and payments protections.

Total raised

$6M

Funding rounds

2

Latest round

Seed

Latest activity

Apr 2023