Use Of WireSecure Can Reduce Cybersecurity Insurance Premiums
WireSecure, a leading fintech solution for preventing impersonator fraud within the financial services industry, has announced it is now part of Cowbell Cyber’s referral network, Cowbell Rx. As a provider of AI-powered cyber insurance for small to medium enterprises (SMEs), Cowbell offers a referral marketplace for various cyber risk management and security partners. By being a part of this network, companies who fully adopt WireSecure’s proprietary multi-factor authentication solution can receive discounts on their monthly cyber insurance premiums.
WireSecure was launched in 2019 to address the growing threat of wire fraud within financial services. According to the FBI, impersonator fraud and social engineering have quickly become the biggest forms of cyberattacks and accounted for as much as $2 Billion in losses last year alone. This is a threat that is especially relevant for firms operating in the private capital markets. To address this, WireSecure ensures the authentic identity of every party involved in a financial transaction by cross-checking facial recognition, government-issued ID’s, and mobile phone numbers. Once identity has been verified for an individual, it is preserved for all future transactions.
“We are incredibly excited to work with Cowbell Cyber and play a role in helping as many companies as possible reduce the risk of impersonator fraud and social engineering,” noted Brian Twibell, co-founder and CEO of WireSecure. “We’ve experienced countless examples of companies who have endured, or come close to enduring, significant losses that result from an email account being compromised. Manual best practices can only go so far, and the best form of prevention requires an automatic, multi-factor approach.”
One of the most common lines of defense in preventing wire fraud has included callback verification, which requires the company to verbally confirm transaction details once they have been exchanged. However, this is both difficult to verify and time consuming to undertake. Preventative measures such as the identity verification process offered by WireSecure, ensures that everyone involved in a transaction is in fact who they say they are – with 100% certainty.
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