DefenseStorm , the leading provider of cyber risk management solutions and co-managed services exclusively to financial institutions, today announces its new partnership with Allure Security.
The resulting combination of capabilities will enhance an institution’s cyber risk readiness through a full-cycle approach that prevents fraud before consumer data is compromised, a brand is damaged, or money is moved.
Account Takeover Costs Financial Institutions Up to 6.8% of Revenue
According to the 7th Annual LexisNexis True Cost of Fraud TM Study: Financial Services and Lending Report for 2023, scams remain a significant contributor to fraud losses despite extensive efforts to educate consumers.
To combat this challenge, Fraud Prevention from DefenseStorm empowers financial institutions to proactively detect, investigate, and remediate potentially fraudulent scenarios, including account takeover attempts, fraudulent applications,
payments fraud, and money laundering activity, through AI-enabled analysis of network, online banking, core, and dark web data.
Allure Security extends the proactive approach further upstream by increasing threat visibility and preventing fraud at its origination point – scams – before anyone falls victim.
Together, this new level of proactivity improves the effectiveness and efficiency of institutions’ risk management and fraud prevention efforts, ensuring they securely acquire, retain, and service customers or members.
Enhancing Online Brand Protection: The Allure Security and DefenseStorm Partnership
“We’re excited to announce this new partnership at our READINESS2024 event,” said Steve Soukup, CEO at DefenseStorm. “Customers, partners, investors, and employees come together in our Community of Trust that enables all of us to grow and thrive. We have investors from that community to thank for bringing Allure Security and DefenseStorm together. It’s a natural fit, with a shared mission to keep our customers, their brands and their account holders safe from threat actors. Together we strengthen our community and enable our clients to remain focused on growth. We anticipate doing great things with Allure Security and are thrilled they are with us in Chicago to kick off this partnership!”
“DefenseStorm’s financial institution services and proactive focus are a natural complement to our technology,” said Josh Shaul, CEO of Allure Security. “This partnership allows their customers to stop scammers in their tracks before they can profit. We do this with our unique three-prong approach, using patented AI to increase threat visibility and detect scams before they go live; finding threats quickly and disarming them; and if data is stolen, polluting it with decoy and fake data to render it useless for sale.”