FinovateSpring 2014 / Rippleshot
Presenter Profile:
How they describe themselves: Rippleshot protects consumer credit information and the integrity of the merchant payment network by proactively detecting credit card data breaches through a cloud-based solution. Rippleshot’s technology monitors point-of-sale terminals 24/7 to quickly detect a data breach and pinpoint when and where the breach occurred. Our risk management and analytics platform helps issuers and merchants mitigate fraud, stop losses, protect brand reputation, and safeguard the consumer payment experience.
How they describe their product/innovation: Rippleshot technology scans credit card transactions across the entire payment network profiling merchant transactional behavior and looking for suspicious patterns. When fraudulent activity occurs on the network, Rippleshot can quickly sort through hundreds of millions of credit card transactions to quickly identify the compromised point of purchase that all the fraudulent cards have in common. Since fraudulent spending with compromised cards takes place over weeks and months, quick detection helps banks reissue cards and stop fraud before it occurs, thereby saving over 25% in potential fraud losses.
Contacts:
Press: Canh Tran, CEO & Co-Founder, canh@rippleshot.com
Sales: Lucas Ward, COO & Co-Founder, lucas@rippleshot.com
Website: rippleshot.com
Twitter: @RippleAlerts
HQ: Chicago, IL
Founded: June 2013
Product Demoed: Rippleshot
Product Launch: April 2014
Metrics: $500,000 bootstrapped & 8 employees
Presenters: Canh Tran (CEO & Co-Founder),
Lucas Ward (COO & Co-Founder)
- Key Executives
Canh Tran (CEO & Co-Founder), Lucas Ward (COO & Co-Founder), Yueyu Fu (CPO & Co-Founder), Randal Cox (CTO & Co-Founder)
Key Stats
- Key Board Members
Jack Lavin (Chairman, Javlin Capital)
- Key Advisory Board Members
Jack Lavin (Chairman, Javlin Capital)
- Key Partnerships
Rippleshot technology scans credit card transactions across the entire payment network profiling merchant transactional behavior and looking for suspicious patterns. When fraudulent activity occurs on the network, Rippleshot can quickly sort through hundreds of millions of credit card transactions to quickly identify the compromised point of purchase that all the fraudulent cards have in common. Since fraudulent spending with compromised cards takes place over weeks and months, quick detection helps banks reissue cards and stop fraud before it occurs, thereby saving over 25% in potential fraud losses. Product distribution strategy: Direct to Business (B2B), through financial institutions, through payment processing partnerships with merchants
- Key Customers
Major credit card issuers and merchants