Irish Tech Firm Xtremepush Wins ‘Online Initiative of The Year’ for “Outstanding progress in the fight against phishing” At Europe FinTech Awards 2022

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Irish Tech
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Irish tech firm Xtremepush has won Online Initiative of the Year at the Europe FinTech Awards, 2022, for the work they did with one of Ireland’s biggest financial institutions to reduce online fraud.

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Irish tech firm Xtremepush has won Online Initiative of the Year at the Europe FinTech Awards, 2022, for the work they did with one of Ireland’s biggest financial institutions to reduce online fraud.

The Europe FinTech Awards 2022 in association with ID-Pal is the benchmark by which financial services modernisation and technological progress in the world’s premier financial services centres are judged by an independent panel of experts.

“Outstanding progress in the fight against phishing”

The independent panel of judges voted Xtremepush “The winner of Online Initiative of the Year because they presented an excellent solution to a very real problem, utilising its technology to achieve a significant reduction in fraudulent activity. This initiative also demonstrates the solution’s ability to scale up in the future. Outstanding progress in the fight against phishing.”

Commenting on the award CTO Dr Kevin Collins said “We are delighted with this significant win. Phishing scams and identity fraud increased by 184% in 2021, costing the Irish economy €1 billion every year, so our objective was to quickly put in place a failsafe that would make it significantly harder for fraudsters to gain access to customer bank accounts. Based on research, €8,000 is defrauded for every 1,000 people in Ireland. Our innovation led directly to a circa 50% reduction in phishing attempts as part of a wider strategy to reduce fraud.”

He added “Our innovation allowed the bank to provide customers with a secure notification and reliable verification alerting solution that didn’t require adding any complexity or multi-stage processes to their banking experience. The result is a robust level of protection from fraud and cyber-criminals.”

Working with the financial institution, Xtremepush developed a revised verification process to reinforce the existing anti-fraud measures. The company developed and deployed a solution within six weeks to significantly reduce fraudulent activity.

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Dr Kevin Collins added “We needed to utilise the existing technology and deliver an effective response to the issue of fraud that wouldn’t significantly impact the user experience for the bank’s 2 million customers.”

The solution allowed the bank’s customers to confirm the validity of device registration and add new account payees by leveraging a multi-channel communication strategy. This allowed the customer to either confirm or reject the request and alert the bank to take steps to re-secure their account if this was required.

Xtremepush faced several challenges: the solution needed to work the first time, said Collins. “Because we were taking direct action against fraudsters and cyber-criminals, a miscalculation on our part would have allowed them to find a way around the solution”

Secondly, the company needed to work fast: comments Xtremepush CEO Tommy Kearns “We were approached by our client at the end of 2021 with an urgent request to help combat fraud. We needed to respond quickly and decisively with a solution that could be rolled out with minimal disruption alongside other anti-fraud measures the bank was deploying.” He added, “we had to work within the existing infrastructure and compliance requirements of our client to avoid any disruption to banking services via the mobile app and to ensure we were fully compliant with guidelines and regulations. And of course, any solution we proposed had to operate within established security standards of the bank as well as GDPR and other data protection legislation.”

Xtremepush goes global

Xtremepush will more than double its workforce here in support of the global roll-out of its award-winning enterprise customer intelligence platform and recently announced it has created fifty new roles this year, with plans to add another 120 in the next three years, and a new purpose-built Dublin HQ in Clarendon Street, Dublin 2.

“We are already becoming a global category leader, working with leading enterprise clients from offices in Ireland, the United Kingdom, North America and Eastern Europe. Our new Dublin flagship headquarters, in this prime location, is a marker of further growth acceleration” said CEO Tommy Kearns.

Reflecting this push into the US market, the company has recently invested in a new office in downtown Manhattan in New York to meet that ambition and support the firm’s accelerated growth in North America, where they recently won Marketing & Services Provider of the Year at the SBC North America 2022 Awards.

The SBC Awards recognize the achievements of operators, affiliates and suppliers from all the major disciplines including payments, marketing, platform providers and data. The 2022 SBC Awards North America also celebrate the companies surviving and thriving 2022 through these unprecedented times.

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