CUNA Mutual's venture capital arm, CMFG Ventures, has invested in Rippleshot, a startup providing fraud detection technology for the financial industry
“Payment fraud detection and prevention are extremely important to credit unions,” says Brian Kaas, president and managing director, CMFG Ventures, in a statement. “Leveraging new technology, like Rippleshot has developed, will make it easier to detect and prevent payment fraud in a way that will protect members and strengthen credit unions for the long term.”
Rippleshot says that its software uses machine learning and big data to identify potential payment card breaches. It highlights payment cards that are most likely to see fraudulent activity and has a real-time rules engine that enables users to choose which transactions to decline.
Other CMFG Ventures investments include ForeverCar, SpringboardAuto.com, Align Income Fund Sharing, CUneXus, and SmartAsset. The unit targets startups focusing on data and analytics, consumer lending and asset protection technology, and mobile.
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