Cathy Ross has established and successfully divested multiple technology enterprises. After establishing Mothernature.com, an online retailer of health and wellness products, Ross identified systemic gaps in payment security, leading her to create Fraud.net alongside Co-Founder Whitney Anderson in 2016.
Fraud.net provides fraud detection, customer onboarding and transaction monitoring workflows to businesses in financial services, wealth management, e-commerce and other sectors. Ross said she wanted to establish Fraud.net in 2016 after struggling to find simple, flexible and affordable fraud prevention tools while working for Mothernature.com.
In 2023, Fraud.net released its banking marketplace API, specifically to support its banking-as-a-service and banking platform clients.
"Many of our fintech and banking clients support multiple partners and have high levels of complexity in managing them, making them uniquely vulnerable to fraud and noncompliance," Ross said. "Fortunately, our API allows our clients to send transactions from each partner to the same API endpoint for risk assessment."
Learning about this particular use case and optimizing a solution for these customers presented a unique challenge that took Fraud.net months to flesh out in 2023, Ross said. While the platform supports payment fraud prevention for various commerce and fintech companies, it needed close oversight to tailor to the large demographic of banking-as-a-service, marketplace and processor companies, according to Ross.
"Optimizing our platform for these clients was a team effort, requiring input from almost every team in order to execute our mission of delivering the best product possible to our clients," Ross said.
Ross has served on several boards, including the Association of Audit Committee Members and the National Association of Corporate Directors. Besides sitting on the board of Fraud.net, she also serves on the boards of New York City-based business accelerator Technetwork and biotechnology company Longeveron.
