Rabobank has invested in ThreatFabric, demonstrating the growing significance of fraud prevention in today’s banking and payments ecosystem.
The duo hope to reach a ‘deeper co-creation partnership’ to address what it calls ‘the evolving challenges of fraud and financial crime’. Though not noted by either company, many observers have commented on the growing use of AI among fraudsters.
“We believe in close collaboration with our customers to elevate our products to enterprise-grade standards,” said Han Sahin, CEO of ThreatFabric.
“I’m thrilled that Rabobank is now more than just a customer. Our journey together began nearly two decades ago with security code reviews on Rabobank’s first online banking product.
“Today, they are partners. Their invaluable expertise in fraud prevention strengthens our shared mission, and their trust in us reinforces our belief in our purpose.”
Rabobank’s investment was conducted by its captive investment arm, Rabo Investments, with the bank joining existing investors such as Motive Ventures, 10x Founders and 14peaks Capital.
ThreatFabric stated that it will use the investment to “accelerate its international growth and further its mission to create a more resilient and secure banking system”.
The investment builds on a pre-existing relationship between the Dutch multinational bank and the Amsterdam-based threat intelligence and behavioural analytics company.
Anton Jan Cozijnsen, Rabobank’s Leader in Fraud Detection, added: “We’ve worked with ThreatFabric closely for years and actively collaborate on their product roadmap.
“Co-creation is what makes their product suites so effective. We’re excited to extend this partnership and continue driving innovation together.”
