AUSTIN, Texas, June 25, 2019 /PRNewswire/ -- SpyCloud, the leader in account takeover (ATO) prevention, was awarded the highest score and took first prize in the innovation contest at SourceMedia's 2019 Digital Banking conference last week.
SpyCloud CEO and Co-founder Ted Ross shared the company's industry-leading account takeover prevention solution during the competition. The solution provides financial institutions and enterprise businesses an automated way to prevent fraud and breaches that stem from account takeover. In addition, Ross demonstrated SpyCloud's unique investigation capabilities that arm investigators with revolutionary tools to identify criminals' true identities - an important element to combating business email compromise (BEC) fraud.
"Account takeovers are notoriously difficult to detect and prevent. Once criminals obtain identity information it may only take hours before they launch targeted account takeover attacks. Traditional fraud prevention and bot detection solutions are not able to detect these attacks early in the threat timeline, so a new approach is required to address this problem," Ross said.
Ross's demonstration received an average score of 9.5 out of 10 from competition judges Jacob Jegher, SVP of Banking and Head of Strategy at Javelin Strategy & Research; Bradley Leimer, Founder of Unconventional Ventures and Shannon Rosic, Director of Multimedia for MEDICI.
The Best in Show award demonstrates that preventing account takeovers is a top priority in modern financial services. SpyCloud's unique ability to prevent account takeovers and their downstream effects has allowed the company to quickly gain prominence in the fight against fraud. Since emerging from stealth mode in 2017, SpyCloud is now protecting more than a billion consumer accounts either directly or through product integrations with partner organizations. Earlier this year, the company raised $21 million in a Series B funding round led by M12, Microsoft's venture fund.
About SpyCloud SpyCloud, the leader in account takeover (ATO) prevention, helps businesses of all sizes prevent data breaches and ATO attacks by alerting them when employee or company assets have been compromised. Our world-class team of security researchers and industry veterans constantly monitor information traded in the criminal underground so SpyCloud customers can proactively remediate account exposures. For more information, please visit https://spycloud.com/.