Neovera Expands Cybersecurity Portfolio with Greenway Solutions Acquisition to Combat Rising Fraud
Neovera's acquisition of Greenway Solutions enhances its adversarial fraud testing capabilities, addressing the increasing fraud losses in the U.S. by offering real-world testing environments for financial and healthcare sectors.
Neovera has announced the acquisition of Greenway Solutions, a move that significantly bolsters its adversarial fraud testing services. This strategic acquisition comes at a critical time when fraud losses in the United States have seen a dramatic increase, with consumers reporting $12.5 billion in losses in 2024, marking a 25% rise from the previous year. The integration of Greenway Solutions' live-control testing capabilities into Neovera's portfolio enables banks, fintechs, and healthcare providers to proactively test their fraud defenses using real-world tactics in actual production environments.
The partnership between Neovera and Greenway Solutions is poised to redefine the standards of fraud control red teaming. Greenway Solutions, known for its pioneering approach in simulating real fraud attacks across various banking channels, brings invaluable expertise to Neovera. Their Fraud Red Team conducts live, controlled exercises that utilize real accounts and transactions, offering unparalleled insights into the effectiveness of fraud controls under actual attack conditions. This methodology goes beyond traditional paper-based reviews, providing a comprehensive assessment of how defenses operate across different platforms and channels.
Scott Weinberg, CEO and founder of Neovera, emphasized the significance of this acquisition, stating that Greenway Solutions' approach sets the gold standard in adversarial fraud testing. The collaboration is expected to deliver integrated, threat-informed security solutions to clients, enhancing their ability to protect against high-impact, evolving threats. This acquisition is part of Neovera's broader expansion strategy, following its recent acquisitions aimed at strengthening its financial sector compliance offerings and security operations center (SOC) capabilities.
The Neovera-Greenway partnership underscores a growing trend in the convergence of cybersecurity and fraud prevention functions. As attackers increasingly exploit both technical and behavioral vulnerabilities, the demand for unified defense mechanisms has never been higher. This acquisition not only expands Neovera's service offerings but also reinforces its commitment to providing real-world, threat-informed protection that spans both cyber and fraud risk, marking a significant step forward in the fight against fraud.