With the increase in mobile and global e-commerce over the past few years, banks and payment facilitators are struggling with the volume, velocity and variety of the data. All of this leaves financial institutions increasingly vulnerable to malicious and fraudulent activity which ultimately can result in fines, penalties and even the loss of the entire business. Moreover, over the last few years, money laundering has gone from traditional brick and mortar scams to online transaction laundering. More sophisticated methods have evolved to accomplish these malicious activities. Cybercriminals carry out attacks in different phases to maximize the attacks. Also, bad actors have developed sophisticated ways to operate on the dark web.
Taking over these challenges, CTO, IL of EverCompliant, Raz Abramov, Co-Founded the company to provide unparalleled visibility in the largest source of data in the world—the internet—to inform risk assessment, guide go-to-market strategies, and uncover new opportunities. He completed his B.A. in Computer Science from the Open Universtiy of Israel and M.Sc. in Computer Science from Bar-Ilan University. From a young age, he always wanted to be an entrepreneur and was fortunate enough to have met co-founders of EverCompliant Ron Teicher and Noam Rabinovich with whom he shared his vision of starting a cyber-intelligence company.
Cyber-Security Expert with Extensive Background
EverCompliant focuses on the data and the insights from the data in order to prevent and detect online illegal and fraudulent activity through payment systems. Being a cyber-intelligence company, it assists financial institutions, payment facilitators and government agencies in fighting online fraud in many areas including merchant based fraud, online transaction laundering, marketplace monitoring, eKYC, compliance and card brand regulations.
Raz is a cyber-security expert and has an extensive background in research and development in various fields, including vulnerability assessment and network protocols. He co-founded EverCompliant following a tenure serving in the Israel Defense Force’s Elite 8200 Intelligence Unit, which is considered the foremost technical intelligence agency in the world. To begin with, Raz and the other co-founders started EverCompliant with a motivation to combat illegal and terroristic activity.
Optimizing the Business Operation
With immense knowledge and experience in Cyber Security, Raz consults financial organizations on Transaction Laundering detection and prevention and works to provide next-generation solutions designed to manage client technology needs, optimize their business operations and secure their merchant portfolio. EverCompliant gives payment processors, acquiring banks, payment facilitators, and other marketplaces the flexibility to tailor their merchant risk profiles to prevent bad actors from infiltrating their systems and ensure only legitimate transactions get processed. This enables organizations to expedite low-risk activity, cast a spotlight on the most critical risks, and maximize human capital by automating some of the most time-consuming aspects of managing risk.
Leveraging Advanced Technologies
In the age of AI and machine learning, organizations are focusing more on leveraging these technologies and utilizing those in their services. EverCompliant’s technology uses artificial intelligence (AI) and advanced machine learning (ML) to power the cyber intelligence platform in order to continuously assess hundreds of millions of domains. These insights emphasis on hidden relationships and risks, identifies an entity’s full Digital DNATM, and reveals new opportunities to scale businesses efficiently and confidently.
Leading to Optimize the Business
Raz is known for his unique leadership approach in the organization. As an experienced forerunner in the industry, he believes that leaders need to embed security technology into their core business strategy and follow all necessary regulatory compliance. Likewise, leaders need to be accountable and be able to provide clear and transparent communications on what security measures are placed in order to protect client’s data.
A Good Leader Equals a Great Team
Raz believes a team is a group of people with commitments to one another, to the company, to a high level of achievement, to a common goal, and to a common vision. He understands that team success depends on the work of every member. A successful team consists of team members who complement each other’s work and celebrate every milestone together. The company is committed to building a diverse team rich in culture, technical expertise and experience enabling the corporation to better address the needs of the customer.
Developing New Solutions for the Future
Raz share that for his company, 2020 is the year of many big challenges and changes. The long held plans for transformation could be implemented along with the evolution of technology. Going into 2020, EverCompliant’s first and foremost concentration is one further advancing of its core products to best fit the needs of the clients. To further tackle the upcoming challenges, Raz and his team will also focus on developing new solutions and services that complement the core products of the company. Moreover, EverCompliant as a company wants to continue its development and expansion from the perspectives of culture, technical innovation and industry leadership.