Refinitiv’s purchase of fraud prevention firm Giact from Tritium Partners underscores the strong need for cybersecurity in a virtual world. Faster payments, never-ending data breaches and increasing digitization have challenged organizations to improve their fraud prevention and compliance procedures. The Covid-19 pandemic has shifted these trends into overdrive.
Founded in 2004, Giact helps more than 1,000 companies, payment merchants, financial and insurance customers prevent payments and identity theft. The company is led by Melissa Solis, a co-founder. Prior to Giact, Solis held a broad range of leadership positions across multiple departments including sales, customer service, claims payments and more during a 17-year career in the insurance industry. While the COO of iPromotion, she led new business development while it rapidly grew to $100 million in annual revenue in its first 18 months of operation. Private equity firm Tritium invested in Giact in 2015.
The Pandemic Effect
When the world was hit by the pandemic in 2020 and employees moved to working from home, businesses had to scramble to set up remote IT networks. This created ample opportunities for hackers and cybercrime, and fraud became more fast-paced and sophisticated.
Giact has been combined with Refinitiv’s World-Check risk intelligence service, which helps businesses identify potential fraud activity. The combined entity “will help customers to transact with increased confidence and reduced risk throughout the customer lifecycle,” according to Refinitiv.
Tackling New Threats
The acquisition comes at a time when organizations are challenged by the rapid growth of new fraud threats during the pandemic. As more technology becomes available for criminals, the expectation is that this problem will only become more prevalent. “We now have a more holistic platform to help customers tackle new and emerging fraud threats, accelerated by the Covid-19 pandemic,” said Phil Cotter, managing director of the risk business at Refinitiv, when the deal was closed.