Cleafy Secures €10 Million to Safeguard Online Banking Against Fraud

Cleafy Raises €10 Million for Online Banking Fraud Prevention Platform

Funding Round Led by United Ventures

Online banking fraud prevention firm Cleafy has successfully raised €10 million ($10.7 million) in its first funding round, which was led by United Ventures. The Milan-based company, founded in 2014, offers a real-time fraud management solution that proactively identifies and prevents digital banking fraud.

Cleafy‘s platform continuously monitors users’ online activities on web and mobile apps, as well as open banking, to detect and prevent cyber fraud. This includes various types of attacks such as social engineering, automated attacks at the API level, and malware. The company claims to immediately add newly identified malicious patterns to its platform in order to keep pace with the evolving threat landscape in the financial sector.

Protecting Millions of Users

Cleafy serves major banking groups like Findomestic by BNP Paribas group and ING Bank Romania, as well as growing banks and fintech companies. The company claims to protect more than 100 million users from online financial fraud. In addition to its fraud prevention services, Cleafy also produces technical intelligence reports to assist fraud analysts and threat hunting. The company also collaborates with the Italian Financial CERT (CERTFin) to deliver reports on threats targeting the financial sector.

Continued Technological Development

The new investment of €10 million will primarily be used by Cleafy to continue developing its technology. The company aims not only to stop fraud but also to anticipate attacks and proactively prevent fraud from occurring. By leveraging methodologies employed in information security, Cleafy has established a holistic framework for combating cyber fraud.

Change in Ownership

As part of the funding round, Moviri Group, Cleafy‘s parent company and initial investor, will relinquish control but retain a minority stake in the company.

Editorial: The Importance of Funding in the Fight Against Online Banking Fraud

Online banking fraud has become a pervasive and sophisticated threat, resulting in significant financial losses for individuals and institutions alike. The rise of digital banking has opened up new avenues for criminals to exploit, making effective fraud prevention solutions crucial. This is where companies like Cleafy play a vital role.

Cleafy‘s success in raising €10 million in funding is a positive development for the fight against online banking fraud. The investment will enable Cleafy to further develop its technology and stay ahead of evolving threats in the financial sector. By continuously monitoring users’ online activities and proactively identifying malicious patterns, Cleafy provides an important layer of protection for millions of users.

The Need for Robust Cybersecurity Measures

The increasing reliance on online banking and digital financial transactions necessitates robust cybersecurity measures. Traditional methods of securing financial systems and transactions are no longer sufficient to combat the ever-changing tactics employed by cybercriminals. As the financial industry becomes more interconnected and digitalized, it is imperative that organizations invest in advanced fraud prevention solutions like Cleafy.

Collaboration and Information Sharing

Cleafy‘s collaboration with the Italian Financial CERT highlights the importance of collaboration and information sharing in the fight against cyber fraud. By sharing reports on threats targeting the financial sector, Cleafy and CERTFin contribute to a collective effort to stay one step ahead of cybercriminals.

Advice: Protecting Yourself from Online Banking Fraud

As online banking fraud becomes more prevalent, it is crucial for individuals to take steps to protect themselves from becoming victims. Here are some recommendations to minimize the risk of online banking fraud:

1. Use Strong and Unique Passwords

Ensure that you use strong and unique passwords for your online banking accounts. Avoid using easily guessable passwords and consider using a password manager to keep track of your login credentials.

2. Enable Multi-Factor Authentication

Enable multi-factor authentication whenever possible. This adds an extra layer of security by requiring a second form of authentication, such as a fingerprint or a unique code sent to your mobile device, in addition to your password.

3. Regularly Monitor Your Accounts

Regularly check your online banking accounts for any suspicious activity. Report any unauthorized transactions or suspicious behavior to your bank immediately.

4. Be Cautious of Phishing Attempts

Be vigilant of phishing attempts, where criminals try to trick you into disclosing sensitive information such as your login credentials. Avoid clicking on suspicious links or providing personal information in response to unsolicited requests.

5. Keep Your Devices Secure

Ensure that your devices, including computers, smartphones, and tablets, are kept up to date with the latest security patches and antivirus software. Be cautious when downloading apps or clicking on links from unknown sources.

Conclusion

The successful funding round for Cleafy demonstrates the increasing recognition of the importance of online banking fraud prevention. With their advanced fraud management solution, Cleafy is at the forefront of combating cyber fraud in the financial sector. Individuals and institutions must also take proactive measures to protect themselves from online banking fraud by following best practices for cybersecurity. Through collaboration and a collective effort, the fight against online banking fraud can be strengthened, ensuring a safer digital financial ecosystem for all.