Bottomline Technologies (Nasdaq:EPAY), a leading provider of cloud-based payment, invoice, and digital banking solutions, today announced that it is now offering comprehensive cyber fraud and risk management solutions as a result of the acquisition of Intellinx, Ltd. Headquartered in Israel, Intellinx customers include some of the world’s leading banks and government agencies. The fraud detection and prevention market is estimated at $17 billion annually and is projected to grow to $35 billion by 2019, representing a compound annual growth rate of 20%, according to research conducted by Gartner Consulting.
The Intellinx solutions are trusted by some of the largest organizations in the world because of their unique ability to non-invasively monitor, replay, and analyze user behavior across multiple channels, and instantly flag and stop suspicious activity. The solutions create accountability by recording and analyzing each keystroke and screen view, reducing the risk of theft, information leakage, internal fraud and payments fraud, as well as decreasing the cost of regulatory compliance. Case management capabilities centralize risk management, speed investigations, and facilitate compliance with regulations pertaining to Anti Money Laundering (AML), the Health Insurance Portability and Accountability Act (HIPAA), and Know Your Customer (KYC).
“We are extremely excited to combine with Intellinx,” said Rob Eberle, President and CEO of Bottomline Technologies. “Our customers have been asking us for solutions to help them combat cyber fraud and the Intellinx solution is unmatched in the market. Its ability to create a ‘digital surveillance camera’ delivers a critical and unique line of
protection against cyber attacks and cyber fraud, with instant alerts, session replay, and full case management capabilities.”
“We are delighted to combine with Bottomline,” said Orna Mintz-Dov, Founder and CEO of Intellinx. “Our technology is proven with some of the largest organizations in the world. By joining Bottomline, we gain the market reach and distribution required to provide our unique capabilities to the broader market.”
“Bottomline’s culture of innovation is an ideal match for Intellinx’s focus on market-leading solutions,” said Boaz Krelbaum, Founder, CTO, and U.S. General Manager of Intellinx. “The combination will enable us to be at the forefront of advanced cyber security solutions.”
Fraud and security are top priorities for organizations of all sizes globally. Data leaks irreparably damage hard-won reputations and shareholder value, fraudulent activity costs approximately 5% of revenue, and organizations need all the protection they can get. The Association of Certified Fraud Examiners (ACFE) estimated a $3.7 trillion annual global occupational fraud loss in a 2014 report, 78% of which was committed by employees. Over 80 million personal records in the U.S. were breached in 20141, and 40% of U.S. healthcare organizations have reported criminal data attacks or leaks – up 100% since 20102.
1. Identity Theft Resource Center Data Breach Reports 2014
2. Ponemon 4th Annual Patient Privacy & Data Security Report 2014