- Website: http://www.rippleshot.com
- Company size (employees): 8
- Country: United States
In 3 bullets, summarize why this company is different from the competition and deserves recognition:
1. Rippleshot is changing the way payment card fraud is dealt with in the industry. A process that has been notoriously reactive, time-consuming and full of spreadsheet analysis can now be automated, quick and proactive.
2. Rippleshot has gained the attention of several heavy hitters in the industry, from card networks to core providers and card processors. This technology is sorely needed and will be the new standard by which financial institutions detect and manage fraudulent card activity.
3. Rippleshot won a Chicago Innovation Award in 2014, was named American Banker's FinTech Forward Company to Watch in 2014, won MRC's Most Innovative New Solution award in 2015, was named a Trailblazing Award finalist at the ITA Citylights Awards in 2015, a ChicagoInno 50 on Fire finalist for 2015, and named a Chicago startup to watch in 2016 by both Built in Chicago and ChicagoInno.
In less than 300 words, summarize the achievements of the company in the nominated category
Rippleshot’s founders spent 12 years working together at Pattern Recognition, a traditional fraud analysis company. Their main client was Discover Financial, where their technology went head-to-head with FICO’s Falcon product, beating it in fraud capture and false-positive performance. With this deep knowledge of banking software and fraud analysis, the founders saw the steady rise of breach-related frauds as the primary threat to payment card security, yet almost no work was being done to address the problem. They spun themselves out into Rippleshot to directly provide cutting-edge breach detection solutions to issuers and merchants.
Rippleshot detects payment card data breaches dramatically faster than current, fragmented approaches. This allows card issuers, processors and merchants to proactively monitor for suspicious activities. When breaches occur, Rippleshot helps issuers implement smarter fraud risk management strategies. And for merchants, Rippleshot alerts them early, when the breach (and the financial risk) is still small.
Current fraud detection systems look for changes in consumer behavior: does this transaction look like Mr Smith’s previous transactions? By changing the focus from the consumer to the merchant, Rippleshot lets banks move from reactive (is this transaction fraud?) to proactive (should I watch or reissue all of these cards?). Rippleshot’s expertise, intellectual property and analytical approach can result in the reduction in annual fraud losses of 20-40%.