Cleafy Expands to the UK: A New Era in Online Banking Fraud Prevention

Invisible threats lurk beneath every financial interaction. Milan-based Cleafy has officially launched its UK entity, marking a significant milestone in its global mission to combat digital banking fraud.

Renowned for its innovative AI-driven technology and discovery of critical banking threats, Cleafy has secured billions of transactions for over 100 million accounts at leading financial institutions worldwide, with an average annual transaction value of $700 billion.

Cleafy’s advanced technology and elite Threat Intelligence (TI) team have uncovered and neutralised major threats, including the notorious TeaBot, BingoMod, and Medusa malware variants. The stealthy TeaBot banking trojan infiltrated the Google Play Store, amassing over 100,000 downloads before Cleafy’s intervention led to its swift removal. Recently discovered, BingoMod aimed to bypass bank countermeasures for user identity verification and authentication, as well as the behavioural detection techniques banks use to identify suspicious money transfers. Medusa, monitored by Cleafy for nearly a year, emerged as a new variant targeting premium Android devices across the UK, USA, Canada, France, Italy, Spain, and Turkey.

Since its founding in 2014 by Polytechnic of Milan alumni Matteo Bogana (CEO), Nicolò Pastore (CTO), and Alessandro Bisignano (VP and Global Sales), Cleafy has been at the forefront of addressing modern fraud challenges. With 81% of fraud attacks using advanced cyber and social engineering tactics, traditional methods often fail, as focusing solely on the point of transaction identifies fraud too late. Cleafy exposes and neutralises these threats in real-time before they result in fraud, without compromising customer experience.

The company’s Fraud Extended Detection and Response (FXDR) platform integrates comprehensive fraud management with advanced cybersecurity, providing unrivalled end-to-end visibility across web and mobile channels. This proactive approach enables swift and effective threat responses, outpacing traditional, reactive fraud prevention methods.

Cleafy’s expertise is recognised by leading analyst reports from Aite Group, 451 Research, OVUM, and KuppingerCole, and the company proudly holds a 4.9 rating on Gartner Peer Reviews. Trusted by major European and Latin American banks, including Illimity Bank, BCC Iccrea Group, Flowe Bank, and ING Bank Romania, Cleafy has successfully blocked over 83% of advanced online attacks before they could cause fraud, supported by more than 50 technology patents.

Matteo Bogana, CEO of Cleafy, said: “Our move into the UK reflects our commitment to setting new benchmarks in fraud prevention. Our attack type-agnostic approach delivers precise, minimally disruptive protection against diverse fraud tactics, allowing us to continually enhance our capabilities and safeguard financial institutions and their customers.”

Michael Morris, Product Director at Cleafy, adds: “The UK is a strategic market for Cleafy’s international growth. Establishing our presence here will allow us to strengthen our position as a leading provider of innovative fraud prevention solutions in a critical and influential financial hub.”