FiveBy: Providing Data-Driven Risk Analytics Solutions

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Alex Kochis, Founder, and President
Modern-day enterprises’ risk mitigation strategies typically incorporate many methods to reduce existing threats, yet often the sheer complexities of the risk ecosystem alone can be overwhelming. Enterprises are often faced with multiple attack methods and vectors, and a wide array of fraud and hacking scenarios. Expertise in this area is required to understand the scope and complexity of vulnerabilities, and how to address them both short and long term.

Enter FiveBy.
With a focus on developing sustainable, scalable, and efficient solutions, FiveBy—a specialized risk intelligence consultancy — works with clients to investigate and eliminate vulnerabilities that threaten platform security.“ In one instance, we worked with a client to reduce a growing problem that could have jeopardized their bottom line and reduced the ongoing fraud by over eighty percent in just under nine months,” says Alex Kochis, Founder and President of FiveBy. “We now operate that company’s fraud program end-to-end, keeping instances of fraud—such as with credit cards—consistently below industry average.”

As a recognized expert in the fraud, abuse, and compliance space, FiveBy has helped many clients transform their risks into opportunities providing unique insights, time-tested techniques, and human expertise to deliver comprehensive solutions to mitigate organizational risks. “Our work has focused on building and improving the ways companies protect their customers, their data, and themselves. We’ve typically done this by going into a customer environment and performing assessments, designing approaches, and then helping the customer build internal programs and processes to address the challenges,” says Kochis.

According to Kochis, many organizations will look for minimum, light-touch risk mitigation solutions to protect themselves from fraud and to adhere to government regulations. Although this helps cut costs, the challenge with this type of approach is that it tends to be simplistic and reactive, rather than comprehensive and proactive.


Our work has focused on building and improving the ways companies protect their customers, their data and themselves


Costs become more burdensome when an organization experiences incidents such as unexpected account takeovers or finds itself in violation of U.S. sanctions or anti-money laundering laws, risking not only onerous penalties, but also possible criminal prosecution. FiveBy, with its flexible solutions addressing fraud and abuse, and compliance and due diligence, excels in helping clients avoid these types of risks that can sometimes result in significant dollar losses. Whether it’s to address an ongoing incident or implement preventive measures, FiveBy will tailor engagements to meet specific business needs, and always with a human touch. “We can supplement existing teams to provide resource and expertise, or build original solutions from the ground up,” states Kochis. “For example, a small financial institution’s regulatory and risk requirements will differ from a tech giant. In each case FiveBy will work to understand those requirements to build unique and specialized solutions to address them”.

Kochis believes that the secret to FiveBy’s success has been twofold: firstly, the process used, developed over the past decade, and crucial to understanding a client’s needs by taking into account the existing situation and both immediate and future requirements. Secondly, FiveBy’s expertise with team members bringing “decades of experience addressing the kinds of problems our clients come to us with.”

FiveBy has certainly established itself as one of the leaders in the risk intelligence consultancy space with unique expertise in fraud and risk management. The company currently has presence across twelve states in the U.S., plus the UK and Singapore, providing both global coverage and regional awareness of business and consumer practices and the operating environment. “We are excited to continue working with existing and new clients to turn business risks into opportunities,” concludes Kochis.


Company
FiveBy

Headquarters
Seattle, WA

Management
Alex Kochis, Founder, and President

Description
FiveBy focuses on the needs of individual clients to create bespoke solutions based on each company’s risk appetite, challenges, and processes

FiveBy