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Cleafy introduces Eura, A Revolutionary AI-Driven Fraud Agent Transforming Banking Security

  • Eura merges Cyber and Fraud functions, generating synergies and efficiencies
  • Cleafy detected, named, and classified new advanced banking malware such as Sharkbot, Teabot, and Revive
  • The company raised €10M led by United Ventures in September 2023

Milan, Tuesday, April 16th 2024 – Cleafy, a pioneering cybersecurity firm, unveils its latest feature in the ongoing battle against digital fraud in the banking sector – artificial Intelligence cyber fraud agent, Eura. Developed by Cleafy’s team of engineers and threat hunters, Eura represents a significant leap forward in fraud analysis, capitalizing on advanced AI models to generate unprecedented efficiency. The agent merges Cybersecurity and Fraud functions together in an intuitive interface, facilitating synergistic collaboration between two typically siloed departments, bridging the skill gap for analysts at all levels.

Bringing Cleafy’s extensive experience directly into the bank’s anti-fraud team, Eura offers actionable insights that translate into real-time responses and strategic decision-making. The new agent promises to redefine how financial institutions approach security. Eura is initially being rolled out to a select group of clients.

Eura marks a turning point for banks when it comes to combating the alarming rise of sophisticated attacks we are witnessing today,” said Cleafy co-founder and CEO Matteo Bogana. “We like to think of Eura as the ability to multiply whatever existing capability our client might have in place. In a world where the deficit in fraud analysts is estimated at 3,5M roles and growing every day, you can just imagine how crucial new tech can be to the banking system at large.”

Because of how emerging frauds and malware work, banks are increasingly aware of the need for a so-called ‘fusion center’ and not separated ‘fraud’ and ‘cybersecurity’ teams.

Amidst a massive shortage in cybersecurity experts, another major challenge is how siloed Fraud and Cyber Security departments are: each department typically looks out for different signals and operates with separate tools, making daily operations cumbersome, and increasing the risks of human error.

Eura solves these challenges by providing a single point of interaction for both teams, in a centralized interface. To do so, Eura leverages a state-of-the-art generative AI mode and it’s the result of rigorous research and development conducted by Cleafy’s expert team. The module’s training draws from a vast ocean of data and insights accumulated over years of hands-on experience in fraud analysis, investigation, and pattern characterization.

Designed to empower fraud analysts at all levels of experience, Eura seamlessly integrates into the anti-fraud team, providing instant access to Cleafy’s knowledge and expertise. The agent simplifies complex tasks through natural language interaction. With basic queries, it accelerates the analysts’ workflow, from routine operations to intricate tasks like creating patterns or rules for automated responses.

In 2021 and 2022 Cleafy famously detected, named and classified 20+ new strains of banking malware including Sharkbot, Revive and TeaBot that infiltrated mobile operating systems. Cleafy’s innovative solution proactively detects and prevents online banking fraud in real-time, ensuring a secure and seamless user experience for online customers.

The company’s platform is widely recognized as a market leader, safeguarding over 100 million digital users against financial online fraud. Its client base includes major global banking groups like Findomestic by BNP Paribas group, and ING Bank Romania, as well as fast-growing banks and fintech players like illimity Bank. Cleafy boasts a 100% client renewal rate, demonstrating the effectiveness of its platform. Cleafy raised a €10M series A round in September 2023.

About Cleafy

Cleafy is a team of fraud hunters, cybersecurity experts, data scientists, and software engineers that since 2014 share the same dream: make technology a safer place. That’s why Cleafy designed a technology that identifies and prevents financial fraud in real time, while ensuring a safe and seamless user experience. Recognized as a market leader by industry analysts, today, Cleafy protects over 100M+ users of top-tier retail and corporate banks against online financial fraud.

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