The leading global financial services provider, Arvato Financial Solutions, and SecuredTouch, a cyber security company specializing in behavioral biometrics, are now set to take joint action to fight online fraud in payment processes, while creating a frictionless digital experience to customers.
Arvato Financial Solutions has chosen to strategically invest in online security and decided to partner with Israeli-based SecuredTouch. Israel is known as a digital start-up nation and holds a prominent position internationally on account of its innovations and entrepreneurialism.
Frank Schlein, President Risk Management at Arvato Financial Solutions highlighted: “Advancing digitalization means that protection against cybercrime is essential. This is why we have been looking closely at this area for several years and have developed and installed a solution that offers our clients comprehensive protection. I am really pleased that our involvement with SecuredTouch will enable us to enhance and expand this platform further.”
Robert Holm, Senior Vice President Fraud Management at Arvato Financial Solutions added: “Investing in SecuredTouch allows us to partner with a global leader in behavioral biometrics for mobile devices, and to reinforce our online security and fraud prevention services in the best possible manner.”
The financial services provider’s long-established relationships with international top players in different industries and particularly the synergies of both companies constitute the biggest added value of the investment. Yair Finzi, CEO and founder of SecuredTouch, said: “We see a clear synergy between the offerings and strategies of Arvato Financial Solutions and SecuredTouch. We have created a partnership that will enable SecuredTouch to expand its international presence and enhance its positioning in the areas of fraud and authentication. Arvato Financial Solutions with its international expertise in risk and fraud management is an ideal investor and partner for this purpose.”
The technological platform of SecuredTouch uses the interaction between users and end devices to create a unique user profile authenticating consumers in the background thereby preventing misuse. Consumers then have efficient protection against identity theft or account takeovers, as their patterns of behavior in online transactions can rarely be imitated. The technology detects fraudulent behavior, as well as attempted fraud through automated computer attacks carried out using emulators, bots and malware.
“Our solutions are designed and built to ensure that legitimate transactions are recognized quickly as such and can be conducted smoothly. The aim is to ensure a secure, fast and convenient customer experience in mobile transactions, on a sustained basis”, added Yair Finzi.
SecuredTouch is one of the pioneers in the field of digital fraud prevention which has focussed on mobile applications and thus gained a leading role in the industry worldwide. Founders, Yair Finzi and Ran Shulkind, held significant positions in cyber security and information security units prior to setting up their own business.