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Five Companies Leading The Way Tackling Financial Fraud


Financial fraud is on the rise with people becoming more desperate in the wake of the current pandemic. Thieves neer do wells are always on the prowl, but more people are tempted to give into schemes that are unlawful to bail themselves out of financial turbulence. These are not harmless acts because someone always gets taken advantage of when protective laws are broken. Companies suffer from financial loss and the cost is passed on directly to the consumers they serve. Nobody wins when financial fraud is committed. Companies specializing in tackling financial fraud help to keep the general population safe from the results of fraud, and help to protect companies such as insurance and others safe with technology and methods of service that help prevent fraud from taking place. Here are five companies that are leading the way in tackling financial fraud.

1. IBM

IBM is a global technology company that was founded in 1911 in the United States. It is the oldest tech company in America and also the largest. It provides a host of products and services in the tech arena including, but not limited to computers, hardware, software, consultation, identity theft protection, and authentication, and fraud protection through its technology and software applications that screen users to ensure that the person signing in to an account is an authorized user. IBM is a publicly listed company that offers stock shares on the market for investment. It is one of the most secure tech companies that have a global outreach and a strong reputation for providing high-quality products and services for its clients. IBM serves both individuals and businesses of all sizes. The company has its headquarters in Armonk, New York. It employs over 400,000 workers who serve its clients in 170 countries throughout the world with a range of services and products.

2. TeleSign

Telesign is a privately owned company that was founded in the United States in 2005. This is a privately owned company that is not listed on the stock markets. So far, there has not been an indication that the company plans to file for an IPO. Rather, it depends on private investors for venture capital funding with interest in the company issued during venture capital rounds. TeleSign is a pioneer in the digital fraud prevention arena with its Mobile identity product that is a platform that verifies users through associations with a valid mobile telephone number for every user account. TeleSign is a company that is used by many of the biggest global companies in the world to ensure user verification to maintain the integrity of their ecosystems.

3. AlertEnterprise

AlertEnterprise is an American cybersecurity company that was founded in 2007. It is a privately owned business that has not yet filed for an IPO for inclusion in the stock market as of the writing of this list. Investors are private, supporting AlertEnterprise with venture capital funds for an interest in the business. It's one of the most promising startups that is known for preventing fraud by ensuring enterprise identity and access management software that automates on-boarding, off-boarding and enables active policy enforcement that effectively prevent all acts of sabotage, theft, unauthorized access, and other types of fraudulent behaviors in on the online environment. This is accomplished through the leveraging of security convergence technology through the software solution that it offers.

4. TokenEx

TokenEx is an American company that was founded in 2010. It's a privately held company that has not yet filed for an IPO or indicated that this is in the strategic plans for the near future. The business was founded by two partners who served as former qualified security assessors with ample qualifications and expertise in the field of fraud prevention. They established TokenEx intending to provide the most non-intrusive and secure systems for monitoring and protection systems for organizations. The technology uses tokenization for compliance with regulatory and industry mandates with the overall aim of protecting the data and customers of a business with its innovative software solutions. TokenEx provides companies with fraud prevention software that provides a holistic approach to data and customer protection that helps to bring them into compliance with industry-specific requirements and legal regulations.

5. ThetaRay

ThetaRay is another high-performing company in the industry of fraud prevention. The business was founded in the country of Israel in 2013. It is a privately owned company that relies on venture capital funding for seed, establishment, and expansion. ThetaRay has risen to the status of leader in big data analytics and artificial intelligence. It helps financial organizations as well as critical infrastructure and cybersecurity divisions to become more resilient. The business solutions it offers also help them to seize opportunities within a secure and safe environment through analytical solutions that carefully guard sensitive information of businesses and individual clients.

Final thoughts

Fraud prevention is a serious matter and it's something that everyone needs whether you conduct transactions online or in person. The sensitive personal and financial information that identifies us is available online and for almost every adult in the world. It's too easy for cyber thieves to hack in and access this information without the proper protection. Fraud prevention companies are valuable assets for everyone as they help to prevent events from happening in the first place. Advanced technological systems scan information and analyze it to detect even the slightest hint that fraud is about to take place. In most cases, hackers are stopped before they gain access to user information. Alerts are issued to let the user of an account know that there was an attempt made to access their sensitive information. This helps users and IT administrators to take the most appropriate actions, but in most cases, all of the complicated work is done behind the scenes with users barely aware unless denied access to a particular account. It's no small wonder that these companies are thriving in the current environment because they offer the indispensable services that we all rely on.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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