Regardless of the kind of security measures used to protect a credit card, once a fraudster has the card data, little can be done to stop him or her from using the information. However, there is a company that promises to stop more than half of the fraudulent spending from compromised cards – Rippleshot, which is one of the contestants of this year’s Benzinga Fintech Awards.
Benzinga recently interviewed Yueyu Fu, co-founder and CPO of Rippleshot, about what Rippleshot does and how the service works.
Related Link: Benzinga Announces First Annual Fintech Awards
What Does Rippleshot Do?
“We are definitely here to save money and also help our clients to gain bigger market share. So, at Rippleshot we provide data breach services to our banking customers and retail merchants to help them detect data breaches early to stop big losses from happening,” Fu said.
In explaining how those breaches are spotted, Fu commented, “Using our proprietary machine learning algorithms and cloud-based computing platform, we make these highly-valued, data breach detection services accessible to a specific market, which is under-served; that is: small banks, credit unions and small to mid-sized businesses at affordable prices.”
How Does It Work?
Fu explained, “We look at fraud patterns and try to predict where those frauds came from, to trace the origin of those frauds and try to cut it off from there.”
On what value Rippleshot brings that didn’t exist before, Fu said, “If you are a big bank, you have a lot of resources: analytic resources to fight fraud, to protect your customers. And if you are with small credit unions, they lack these kind of resource. So, what we are doing here is bringing the capability found [with] large banks down to the small banks, credit unions.”
“We call this democratizing capabilities,” Fu said.
Watch the full interview and other Fintech Award interviews below.
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