Fortress Risk Management, a Wethersfield, Conn.-based provider of technology and intelligence services for community banks and credit unions to reduce risks from fraud and financial crime threats, raised $3.5m in funding.
Backers included Black Dragon Capital, Advantage Capital Connecticut Partners and the Department of Economic and Community Development for the State of Connecticut.
The company intends to use the funds to accelerate its customer base and develop new products and services.
Led by David Mitchell, President, Chief Product Officer Todd Harbison, Chief Operating Officer Mike Faulkner, Chief Technology Officer Lou Bastone, Vice President, Strategic Partnerships John Ravita, and Executive Vice President, Partnership Delivery Mark Gadzik, Fortress Risk Management offers a suite of solutions for banks and credit unions to protect their institutions from financial crime, including:
AMLWatch – Anti-money laundering and BSA monitoring and compliance solutions
PayWatch – ACH, wire, P2P, and bill pay fraud prevention and detection solutions
CheckWatch – Paper check fraud detection and prevention solutions
Card Watch – Credit, debit, and prepaid fraud prevention and detection solutions
InsiderWatch – Fraud solutions specifically designed to mitigate risk from employees committing fraud within the bank
DisputeManager – An automated complete dispute processing solution for managing any dispute, while providing a dynamic workflow
Fortress Insight – A dedicated, skilled unit that provides a range of customizable services including fraud monitoring, assessments, regulatory compliance, fraud dispositions, internal training and communication, and more, all while substantially reducing overhead costs