ABN AMRO Ventures, the corporate venture fund of ABN AMRO, has invested in the EUR 11.5m Seed round of ThreatFabric, an Online Fraud Detection solution that helps ABN AABN AMRO Ventures, the corporate venture fund of ABN AMRO, has invested in the EUR 11.5m Seed round of ThreatFabric, an Online Fraud Detection solution that helps ABN AMRO protect its clients from the growing fraud and malware epidemic.MRO protect its clients from the growing fraud and malware epidemic.
The battle against online fraud has become a lot more complex with continuous data breaches and the availability of AI driven tools. In 2022 alone, criminals in the Netherlands caused €62.5 million in damage through payment fraud, including bank helpdesk fraud and phishing, which is 25% higher than two years earlier according to the
. Banks and e-commerce platforms are continuously searching for accurate warning systems before payments are made.
ABN AMRO Ventures invested in ThreatFabric because online fraud does not show any signs of slowing down, with the bank’s clients as the most vulnerable part of the chain. ThreatFabric’s software can positively contribute to this fraud epidemic by helping their clients – banks and financial institutions – protect their end-users from fraud and malware by using different protection layers, such as on-device malware detection and behavioural analytics.
This EUR 11.5m Seed round is co-led by ABN AMRO Ventures and Motive Ventures, alongside 10xFounders and 14Peaks capital. The capital will be used to increase ThreatFabric’s international expansion and extend its fraud detection layers with behavioural based detection. This consists of the fraudster’s footprint with advanced AI models that include continuous threat modelling of attack paths inside online signup and payment journeys.
Han Sahin, CEO at ThreatFabric: “The ever-changing online fraud threat landscape can proactively be protected by including AI driven threat modelling in behavioural based defence layers. Fraudster also have a strong need which is strongly reflected in their digital footprint. This Seed Round with investment capital from ABN AMRO Ventures, Motive Ventures, and participation from 10xFounders and 14Peaks capital will be used for further expansion and to extend our Fraud Risk Suite platform focused on new proactive fraud controls. For example, with behaviour-based location intelligence and behavioural biometrics that use advanced AI models that forecast potential fraudsters online footprint inside payment journeys”.
Hugo Bongers, Managing Director at ABN AMRO Ventures: “The fraud issue is large and complex problem, that is only expected to get bigger in the future, as technologies like AI further develop. As a long-standing partner of ThreatFabric, ABN AMRO Bank has seen ThreatFabric’s profound understanding of the fraud issue and the high-quality solution the company offers. ABN AMRO Ventures is proud to support the co-founders Han and Yorick, and the entire ThreatFabric team in their next stage of growth and their mission to combat fraud and malware.”
