Founders Bootstrapped Next Generation Fraud Prevention and Online Security and Now Seek Growth.
With cybercriminals and rogue nations engaging in illegal online activity more than ever, the West keeping a very close eye on Russia, there was never a better time for MindWise’s suite of cybersecurity solutions. The company’s slate of offerings – present and future – include loan fraud detection, payment processor protection, data breach monitoring, account takeover and consumer information monitoring.
MindWise expects to launch a pay-as-you-go pilot program for its card protection product that charges institutions per compromised card. This pilot program is priced at a substantial discount compared to its future pay-as-you-go pricing model. The company also anticipates rolling out a subscription-based model that will charge financial institutions per issued card.
With online security top-of-mind among banks and other financial institutions, businesses in general, and individuals, MindWise is positioning itself to generate multiple revenue streams from the most relevant market segments. To that end, the company has entered a Pilot Program Partnership with LoanClose to provide loan application fraud screening and data breach monitoring. MindWise and LoanClose are also engaged in a profit-sharing agreement. LoanClose will introduce MindWise to its banking partners as its fraud prevention provider in return for a finder’s fee.
Since the start of the COVID-19 pandemic, interest in the global fraud detection and protection (FDP) market has spiked. According to markets, the global FDP is expected to grow from $20.9 billion in 2020 to $38.2 billion by 2025, representing a 12.8 per cent CAGR over that time. Partly accelerated by the COVID-19 pandemic, the research firm reports that 60-70 per cent of people are now using one or many digital platforms, including digital banking platforms and mobile or digital wallets.