The Origins of a Fraud Prevention Company
Having 25 years of banking, technology, and fraud experience, Fraud.net’s own Whitney Anderson knew first hand what was lacking in the fraud prevention industry when he and his co-founder decided to create Fraud.net.
As highlighted by The Venture Center in their Founder Feature segment, Anderson shares that through his growth mindset, paired with his eye for detail, Fraud.net has a clear position on how to stop fraud and secure a bright future at the top of the fraud prevention industry.
“We started Fraud.net as a mechanism to share fraud data and, although we’ve added deep learning, augmented intelligence and other high-tech strategies on top, that collaboration remains the core of everything we do.”
The Venture Center also discussed Whitney’s vision and success, despite some of the challenges faced by a leading fraud prevention company such as Fraud.net.
“The process of battle-testing the platform against extremely well-funded, highly capable professional fraudsters has been and remains our greatest challenge. The more we worked with large organizations, the more aware of how important other fraud typologies were.”
As a result, Whitney says “We had to adapt our platform to identify 1st party fraud (committed by your customers) and insider fraud (committed or facilitated by your employees). Those two types of fraud account for the majority of losses and exposure at a typical large organization”
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