Dear team, clients, and friends of Fourthline,
As we move forward from a momentous year, Fourthline is dedicated to discovering breakthrough fraud insights and continuing to innovate with our clients. We’re excited to share with you the latest updates from a successful Q2:
Trends to watch
- France is under increasing pressure to re-evaluate their Know Your Customer (KYC) procedures due to a surge in document and application fraud. We analyze the risks and share how businesses can protect themselves in our white paper: The Rise of Document Fraud in France.
- Fake driver licenses account for over half of fraudulent attempts to open digital wallet accounts in the UK. Greater London is a hotspot for counterfeit ID fraud attempts.
Exciting client news
- Our partner Solarisbank makes a breakthrough and announces their successful launches in Spain, Italy, and France with local IBANs. This pan-European expansion supports their partners’ growth plans and affirms Solarisbank’s position as a BaaS leader in Europe.
- A big congratulations to Vivid Money on its €60 million Series B funding. We couldn't be prouder of our partnership supporting Vivid Money’s international expansion.
- Trade Republic secures €760 million in Series C funding. The firm is now among the highest valued private fintech companies in the EU.
- Flatex-DEGIRO successfully completes their merger. After serving over 1.25 million customers in 2020, Flatex-DEGIRO continues its commitment to being the largest retail online broker in Europe with a mission to win over 3 million customers by 2025.
Fourthline has been actively engaging with local and international law enforcement agencies (LEAs) and organizations in multiple cross-border public-private initiatives in Q2 (such as the French National Police). Fourthline has also been supporting Europol in the discussion of strategic anti-financial crime initiatives. These initiatives (both operational and substantial) will continue to progress over the course of 2021 and beyond.
- Qualified Electronic Signature (QES) launched earlier this quarter in the European market. Fourthline’s QES services can now be issued alongside our bank-grade KYC offering.
- Single Sign-On (SSO) functionality has launched for our enterprise clients who are leveraging our SaaS offering. This means in-house teams are able to log-on to the Fourthline Analyst Portal by means of a preferred SSO provider.
- Our new PEP/Sanction API completely automates false positive investigations and provides an indication of whether an individual could be a confirmed PEP/Sanction.
- We've enhanced our Mobile & WebSDKs for our iOS, Android, and web-based solutions. We have also overhauled our developer documentation around the SDKs.
Our Head of Product, Jesse Weststrate, celebrates five years of working at Fourthline. Jesse has been highly influential in Fourthline’s success from the start. We sat down with him to hear about how Fourthline has evolved over the years, what innovations in the KYC/AML space he’s excited about, and what question he believes clients should be asking (but don’t). Read all about it in our upcoming interview with Jesse.
Fourthline in the news
- Our Head of Anti-Financial Crime, Ro Paddock, authored a piece on Biometric Update entitled The Fraudster's New Game Face. The article is a fascinating analysis on the surge of financial crime this past year and looks into the surprising new ways fraudsters are scamming businesses.
- In a similar vein, we spoke to Dutch broadcaster NOS about a recent rise in identity fraud attempts using professional silicone masks and the methods Fourthline is using to catch these fraudsters.
We’re excited to announce that Fourthline has recorded another successful quarter with 185% year-over-year growth in Q2 2021. We are also eager to share that we have signed on two new, major clients this past quarter. More details on this to follow.
We’re always proud to report on a successful quarter, but we continue to be committed to our clients and motivated by their success. Fourthline is dedicated to the fight against financial crime: innovating for the tools that will equip our clients to streamline growth while protecting their businesses.
Fourthline CEO, Krik Gunning