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The Israeli startup saving bank customers from becoming "Trojan Horses"

CheckMate CEO Aviel Erdis explains how its solution can help banks and payment providers protect unwitting customers from helping cybercriminals with fraud attempts.

CheckMate CEO Aviel Erdis
(Video: Sinay David)
“We tend to think that the safest place to keep your money is the bank. But the bad news is that cybercriminals have essentially realized how to sidestep the entire digital fortress that banks have been building up for decades. So instead of attacking the customer's account, they're now attacking the customer themselves,” explained CheckMate CEO Aviel Erdis. “So today, the Trojan Horse is the customer.”
CheckMate helps banks and payment service providers protect their customers against Authorized Fraud, a form of fraud where victims are manipulated into making real-time payments to fraudsters, usually with social engineering attacks that involve impersonation. According to Erdis, examples may include creating deepfakes of CEOs to have finance teams make an emergency payment to vendors, or they can sample a child’s voice from platforms like TikTok and convince a parent they have been kidnapped via a telephone call. Last year in the U.S., it was reported that $10 billion was lost from Authorized Fraud, and the UK reported it as the number one cause of financial losses.
“We allow the banks with our technology to protect their customers,” Erdis continued. “Banks have realized that the number of customers is essentially equal to the number of vulnerabilities that they have in their security apparatus… We've been able to demonstrate tremendous value to banks and once they implement our technology, they can keep their customers safe from this emerging and booming threat of authorized payment fraud.”
You can learn more about the company from the video above.