NY de novo working with fintech on fraud detection

Grasshopper Bank, a de novo in New York, is working with a fintech to improve its fraud detection capabilities. 

FiVerity said in a press release that it is working with the $299 million-asset digital-first bank. 

“FiVerity helps us take an aggressive approach to fraud detection,” Michael Butler, Grasshopper’s CEO, said in the release. 

The fintech’s products are being paired with Grasshopper’s existing identity verification and cybersecurity platform. 

"We will design and implement protections for our small business and startup clients,” Butler added. “The platform’s flexibility is critical to meet the needs of our expanding product lines, and working together with innovative fintechs … helps keep us on the leading edge.” 

The partnership was part of a broader announcement that FiVerity had introduced a new fraud analytics platform that helps financial institutions optimize previous investments and provide actionable data to stop criminal activity.