IronVest provides a biometric fraud prevention platform that utilizes a boolean fraud signal to ensure only authorized users can access and transact in their accounts, eliminating the risk of account takeover. By integrating real-time biometric authentication and invisible multi-factor authentication, IronVest delivers a seamless digital banking experience while significantly reducing operational costs associated with traditional fraud detection methods.
Funding
$23M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Existing fraud detection systems rely on statistical signals, which often fail to prevent account takeover (ATO) and create friction for legitimate users through excessive multi-factor authentication (MFA) requests. These systems generate numerous false positives, leading to increased operational costs and a frustrating user experience.
Solution
IronVest's AuthenticAction™ Platform provides a biometric fraud prevention solution that ensures only authorized users can access and transact within their accounts. By utilizing a boolean fraud signal derived from real-time biometric authentication and invisible multi-factor authentication, IronVest eliminates the need for statistical-based fraud detection. This approach delivers a seamless digital banking experience while significantly reducing operational expenses associated with traditional fraud management. The platform protects against threats like SIM swap, malware, RAT, coffee break attacks, phishing, and scams.
Target Audience
The primary customers are fraud and digital teams at financial institutions of all sizes seeking to eliminate fraud, enable zero-interruption digital banking experiences, and significantly reduce operational expenses.
Features
- Screen Action Biometrics™ for real-time biometric authentication and liveness detection
- Boolean fraud signal that fuses user biometrics and inputs for impenetrable security
- Decentralized biometrics solution that separates and stores biometric data across multiple nodes
- Invisible MFA that removes interruptions from the customer journey
- SDK for orchestrating in-app signals and triggered actions to design seamless user journeys
- Digital audit trail for all sessions to facilitate fraud investigation
- Tokenized credentials channeled through a decentralized platform