BankVault, a Perth financial technology and cyber security start-up, has just been announced as the winner of the FinTech category at the prestigious Silicon Valley Forum’s World Cup Tech Challenge.
Graeme Speak, CEO of BankVault and Perth Startup Community veteran, said:
“It’s a great acknowledgement which shows the world that our BankVault product gets the seal of approval from Silicon Valley. It’s fantastic news not only for our company; but also for the tech start-up scene in Perth and Australia.”
24 start-ups were finalists in the World Cup Tech Challenge which was held at the Microsoft campus in Mountain View on the 1st of June, 2016. This annual competition is where innovative tech startups from around the world compete to win in six different categories: Financial Technology, Internet of Things, Biotechnology, Augmented/Virtual Reality, AI/Robotics, and Agricultural Technology.
BankVault stops bank account hacking and secures online transactions by creating invisible endpoint devices which bypass hackers. The official records report cyber hackers cost Australian’s $1.2 Billion last year, although the real figure is considered to be 17x larger than this. BankVault has many application outside of banking too. It can also be used against ransomware and other malware when opening suspicious emails and browsing online. The vast majority of cyber-attacks target the users PC or smartphone (the endpoint device) and the bank security fob and SMS’s are easily defeated. Any delay in compensation while the bank investigates can have dire consequences for both individuals and businesses. Trust account holders are particularly vulnerable as they must personally replace stolen funds in under 24 hours or their business can be shut down.
“I love Australia and would like to keep this Australian. But we will ultimately follow where the financial support comes from and in Silicon Valley the conversation for a capital raising starts at USD $10m as a minimum, which is not the level of conversations we’ve been having in Australia. Everyone here assumes you’re going global and need funds to do that. Which, of course, we are and do.”
