DefenseStorm and Allure Security announce their new partnership, which delivers full-cycle fraud prevention specifically to financial institutions. The resulting combination of AI-powered capabilities will enhance a bank or credit union’s cyber risk readiness through a full-cycle approach that prevents fraud before consumer data is compromised, a brand is damaged, or money is moved.

ALPHARETTA, Ga., Sept. 18, 2024 /PRNewswire-PRWeb/ — DefenseStorm, the leading provider of cyber risk management solutions and co-managed services exclusively to financial institutions, today announces its new partnership with Allure Security. The resulting combination of capabilities will enhance a bank or credit union’s cyber risk readiness through a full-cycle approach that prevents fraud before consumer data is compromised, a brand is damaged, or money is moved.

According to the 7th Annual LexisNexis True Cost of Fraud Study: Financial Services and Lending Report for 2023, scams remain a significant contributor to fraud losses despite extensive efforts to educate consumers. To combat this challenge, Fraud Prevention from DefenseStorm empowers financial institutions to proactively detect, investigate, and remediate potentially fraudulent scenarios, including account takeover attempts, fraudulent applications, payments fraud, and money laundering activity, through AI-enabled analysis of network, online banking, core, and dark web data. Allure Security extends the proactive approach further upstream by increasing threat visibility and preventing fraud at its origination point before anyone falls victim. Together, this heightened level of proactive service improves the effectiveness and efficiency of institutions’ risk management and fraud prevention efforts, ensuring they securely acquire, retain, and service customers or members.

“We’re excited to announce this new partnership at our READINESS2024 event,” said Steve Soukup, CEO at DefenseStorm. “Customers, partners, investors, and employees come together at this event as part of our Community of Trust that enables all of us to grow and thrive. We have investors from that community to thank for bringing Allure Security and DefenseStorm together. It’s a natural fit, with a shared mission to keep our customers, their brands and their account holders safe from threat actors. Together, we will strengthen our community and enable our clients to remain focused on growth. We anticipate doing great things with Allure Security and are thrilled they are with us in Chicago to kick off this partnership!”

“DefenseStorm’s financial institution services and proactive focus are a natural complement to our technology,” said Josh Shaul, CEO of Allure Security. “This partnership allows their customers to stop scammers in their tracks before they can profit. We do this with our unique three-prong approach, using patented AI to increase threat visibility and detect scams before they go live; finding threats quickly and disarming them; and if data is stolen, polluting it with decoy and fake data to render it useless for sale.”

About DefenseStorm:

DefenseStorm provides an integrated platform of cyber risk assessment, governance, security, and fraud solutions that ensure financial institutions achieve and maintain cyber risk readiness. The only system specifically built for banking, it accounts for all the daunting challenges, regulations, and technology requirements financial institutions face. Their intelligent data engine, GRID ACTIVE, ensures real-time access, analysis, and action on all critical threat data. The Cyber Threat Surveillance Operations (CTS Ops) team offers access to managed resources 24x7x365, providing the help and expertise needed by financial institutions. To learn more, visit www.defensestorm.com.

About Allure Security:

Allure Security provides comprehensive online brand protection services for businesses. Their patented artificial intelligence engine analyzes 10s-of-millions of digital assets each day, allowing them to effectively pinpoint and address spoofed domains, counterfeit social media profiles, and unauthroized mobile apps with unparalleled precision. Their swift detection capabilities enable quick identificaton of and action against imposters, mitigating the duration and costs of scams and fraud. This proactive approach helps minimize reputational damage, reduces costs, and protects customers from harm. Headquartered in Boston, Massachusetts, Allure Security is at the forefront of safeguarding businesses and consumers from brand impersonation. To learn more, visit www.alluresecurity.com.

Media Contact

David Cross, DefenseStorm, 1 4047230420, david.cross@defensestorm.com, https://defensestorm.com/

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SOURCE DefenseStorm