Managed information technology service provider Neovera LLC announced today that it has acquired adversarial fraud testing company Greenway Solutions for an undisclosed price.

Founded in 2004, Greenway Solutions is a strategic advisory firm that specializes in adversarial fraud testing for financial institutions and other high-risk sectors. The company claims to have pioneered the use of live, real-world simulations known as Fraud Red Teaming to assess the resilience of fraud controls in production environments.

Greenway’s approach to fraud testing involves conducting live exercises using real accounts and transactions, actively challenging fraud defenses across digital platforms, call centers and other customer-facing systems to identify breakdowns and blind spots in real time.

The company’s testing methodology incorporates technical, operational and behavioral perspectives to provide clients with what it says are actionable, risk-aligned insights. The tests evaluate how fraud defenses perform across channels and benchmark results against peer institutions, helping organizations prioritize and implement improvements.

Greenway’s clients include banks, fintechs and healthcare providers, sectors where fraud risk is both dynamic and high-impact. Notable customers, past and present, include SoFi Technologies Inc., Varo Bank N.A., BlockFi Inc., Gemini Trust Company LLC, Bill.com Holdings Inc., Credit Karma LLC and Robinhood Markets Inc., according to an interview given by Jerry Tylman, co-founder and partner at Greenway Solutions, in April.

The acquisition complements Neovera’s existing capabilities in managed security services, penetration testing, vulnerability management, identity and access management, and compliance advisory. Together, the companies plan to deliver tailored cybersecurity and fraud mitigation solutions to financial institutions, fintechs, healthcare providers and other regulated organizations.

“Joining Neovera allows us to expand the reach of our fraud testing methodology and deepen our impact,” said Patrick Shaw, a partner at Greenway.

Neovera says the acquisition reflects a broader market shift: the convergence of cybersecurity and fraud prevention functions. As a result, the company says, organizations require unified defenses, which is says the new partnership delivers.

The company was previously in the new in July 2024 when it acquired cybersecurity solutions provider Emagined Security Inc. for an undisclosed sum. The company had previously acquired 10-D Security LLC and Applied Compliance Services in 2023 to bolster financial sector compliance offerings.

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