DataVisor, a Mountain View, CA-based provider of online fraud detection and risk management for financial services and ecommerce, has secured strategic funding to expand its services into the credit union market.
The investment was from CMFG Ventures, the venture capital subsidiary of CUNA Mutual Group to help more credit unions mature their fraud prevention strategies.
“With increased adoption of real-time transactions, the necessity to respond to fraud threats with speed, agility, and better technology is imperative for credit unions to minimize fraud losses and deliver impeccable service to their members,” said Yinglian Xie, CEO of DataVisor. “We want to help credit unions deploy a modern fraud solution that delivers high return on investment and quickly detects and combats sophisticated fraudsters in a more cost-effective way.”
The company offers a comprehensive, integrated fraud prevention and detection platform that can save credit unions time and money. Its solution particularly appeals to credit unions, whose current fraud systems are often outdated, segmented, and costly to implement.
DataVisor's solution, powered by advanced AI and machine learning, outperforms traditional services, improving fraud detection rates by 40–90%.
Company: DataVisor, Inc.
Raised: Undisclosed
Round: Strategic Round
Funding Month: May 2023
Lead Investors: CMFG Ventures
Additional Investors:
Company Website: https://www.datavisor.com/
Software Category: Fraud and Risk Management Platform
About the Company: DataVisor is a fraud and risk management platform that enables organizations to respond to fast-evolving fraud attacks and mitigate risks as they happen in real-time. Its comprehensive solution suite combines patented machine learning technology with native device intelligence and a powerful decision engine to protect the entire customer lifecycle across industries and use cases. DataVisor is recognized as an industry leader and has been adopted by many Fortune 500 companies across the globe.
Source: https://www.datavisor.com/news/cmfg-ventures-invests-in-datavisor/