By Samantha Ginther, senior associate, IU Ventures
IU Ventures is committed to helping high-potential IU-affiliated startups achieve success. Between the IU Philanthropic Venture Fund, Innovate Indiana Fund and IU Angel Network, we have invested in over 30 companies that remain active today. We’ve seen the pandemic affect each of them in different ways, and several have successfully flipped the challenge into an opportunity.
Rippleshot financial fraud protection eases minds at banks and credit unions
From government impersonation scams to charity fraud and cyberbreaches, COVID-19 has heralded a significant spike in consumer-targeted fraud. Chicago-based Rippleshot was created in 2013 to change the fight against fraud into a proactive one. Rippleshot, co-founded by IU alumnus Yueyu Fu, has saved financial institutions hundreds of thousands of dollars and reduced instances of fraud by as much as 20 percent through applied machine learning and innovative applications of big data.
The business’s AI-driven technology anticipates and mitigates risks associated with data breaches and helps financial institutions act accordingly when card fraud occurs. During this crisis, Rippleshot has stepped up its educational support through blog content and webinars focused on what financial institutions need to know about how fraud trends are shifting during COVID-19, what these patterns indicate for the future and how to adapt with the changing times.
“COVID-19 has drastically changed how businesses are operating, including how they manage fraud risks. We’ve made it a priority to provide data-driven research on how this crisis is impacting spending habits, fraud patterns and the overall economic outlook,” Fu said. “This information is critical for financial institutions to know what they can do to protect themselves and their customers during this difficult time.”
Rippleshot provides fraud protection services that are highly critical to banks and credit unions during a pandemic when both risk of fraud and card transitions are increasing. These educational resources on top of their services help banks and their customers understand what to expect and how to mitigate this crisis.
The Innovate Indiana Fund invested in Rippleshot in 2016. We are excited and gratified to see it continue to thrive as a standout in its industry and help pay its success forward to its industry peers and customers.