ABN Amro has co-led a €11.5 million seed round in the fraud detection fintech ThreatFabric to expand its technical capabilities and support growth.
Co-developed with ABN Amro, ThreatFabric offers a software-as-a-service package designed for banking web and mobile channels. A significant portion of the investment will be allocated to enhancing two components of ThreatFabric’s Fraud Risk Suite: behavior-based location intelligence and behavioral biometrics. The latter utilizes AI to predict potential criminal attack patterns through continuous threat modeling. The company highlights prevalent methods used by fraudsters in Authorized Push Payment (APP) fraud, such as drained savings, new Remote Access Tools, or call spoofing applications.
When a fraudster exploits these attack methods or employs new tools, additional risk scores are incorporated into the overall behavioral analytics engine.
Han Sahin, CEO of ThreatFabric, stated, “This Seed Round, with investment capital from ABN Amro Ventures, Motive Ventures, and support from 10xFounders and 14Peaks Capital, will facilitate our expansion and enhance our Fraud Risk Suite, focusing on new proactive fraud controls. This includes behavior-based location intelligence and behavioral biometrics, which utilize advanced AI models to forecast the digital footprints of potential fraudsters throughout payment journeys.”