Telefónica invests in fcase, a startup pioneering fraud orchestration technology
Telefónica Tech Ventures, Telefonica's investment vehicle for cybersecurity startups, announces that fcase, a startup specialized in fraud detection and prevention orchestration technology will be added to its portfolio. The investment was initially led by Wayra, Telefónica's global open innovation hub.
Too often, banks, financial services, and insurance companies face the challenge of siloed anti-fraud systems and operations with little-to-no cross-functional or departmental communication, delivering significant inefficiencies and gaps that fraudsters exploit. For fraud prevention and operations to be effective, the enterprise must be connected and working in harmony via one final fraud orchestration layer connecting and managing point systems, such as anti-fraud.
fcase delivers a sophisticated and extremely flexible technology that centralises and automates the end-to-end framework for fraud operation centres through what they have branded 'fraud orchestration, automation & response' (FOAR).
With a unified system, enterprises have a full picture of their fraud operations, diminished operational challenges, and a superior customer experience. Not only does fcase set a new standard for fraud operations management, but it also guarantees effective customer support through its 24/7 on-call system.
Bruno Moraes, Country Manager of Wayra UK comments: “The investment in fcase reinforces Telefónica’s presence in cybersecurity and we were pleased to bring onboard such an innovative and developed solution. This collaboration, focused on business development, will help fcase experience even higher growth. They are now part of our Telefonica Tech Ventures portfolio with whom we keep working very closely together scouting and investing in the cybersecurity space”.
Guenia Gawendo, Telefonica Ventures’ director comments: “We are delighted to incorporate fcase into Telefónica Tech Ventures’ portfolio alongside our other outstanding companies like Devo, Nozomi or Smart Protection among others. Investment in cybersecurity startups has increased by twofold in the last few years. We see tremendous value in focusing our venture capital investments in this vertical. Investing in fcase is a perfect example of our commitment to dedicating economic resources and our privileged corporate support through our TEF network to promising ventures in the cybersecurity space.”
"The team at Telefónica is exceptional. I believe that we will achieve important gains in terms of business development," said Emre Sayin, CEO of fcase.
As a result of this investment, fcase has partnered and started working closely with Telefónica Tech’s cybersecurity unit.