Watchlist & quick-response mechanism provide missing link to financial institutions, crypto businesses, law enforcement and victims worldwide CYBERA has already identified +2,000 problem accounts and helped to freeze hundreds of thousands of dollars linked to cybercrime
NEW YORK, Sept. 15, 2022 /PRNewswire/ — CYBERA Global Inc. announced today that it has secured an additional $5M in an oversubscribed equity round led by Converge VC and New North Ventures with the participation of Founder Collective, Swiss VCs Serpentine, CV VC, and additional VCs, Angel, and private investors.
The additional funds will focus on scaling CYBERA’s category-defining solutions addressing cybercrime – a growing global issue. According to the FBI’s IC3 division, financial cybercrime cost businesses a combined $6.9 billion in 2021 – up 164% from 2020.
“As a former prosecutor, I have seen the impact of this issue first hand, as well as the complexities of tracking international gangs operating at high speed,” noted Nicola Staub, CEO and co-Founder of CYBERA.
“Our two initial solutions focus on providing victims a quick response mechanism, and then a global watchlist which allows information to be securely shared with our clients across the financial system to ensure funds and accounts can be quickly flagged and addressed. This is a fully scalable, secure solution and addresses key regulatory concerns. We have already flagged over two thousand problematic accounts and wallets to authorities, and helped to freeze hundreds of thousands of dollars, saving a multiple of that amount in further legal and reimbursement costs.”
CYBERA was created to address these two clear gaps in the market – logging and sharing victim reports and creating a global watchlist for problematic accounts. The international scope and complexity of these scams often link financial institutions, private businesses, technology companies, and international, federal, state, and local law enforcement agencies, so enforcement and assigning responsibility have become very difficult.
“Investors clearly understand the potential of CYBERA to address these systemic global issues and create a new category in the fight against cybercrime,” concluded Staub. “I’m delighted to announce this funding injection which will support our ability to deliver these solutions to institutions and customers around the world.”
ABOUT CYBERA:
Find out more about how CYBERA can help protect your institution and its customers from financial cybercrime at www.cybera.io
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