Former Managing Director & COO at HSBC Holdings brings decades of experience in credit, operational and enterprise risk, and regulatory and financial crime compliance initiatives
FEBRUARY 5, 2019, NEW YORK – The Authoriti Network, which was founded in 2017 to
eliminate fraud and data privacy risks by letting customers easily and securely authorize any transaction, announced that Michael C. Cutlip has joined the company as President & Chief Executive Officer.
Cutlip has more than 30 years of experience across a range of roles in the financial services industry, the majority at HSBC Holdings plc. As COO of the Global Banking and Markets’ Banking business in the Americas, he led teams delivering and improving HSBC’s business management, credit, operational and enterprise risk, and regulatory and financial crime compliance initiatives.
“Mike is a hands-on leader of large and small risk management businesses,” said Lou Steinberg, Managing Partner and Co-Founder of Authoriti. “His operating experience in protecting HSBC and its global clientele against fraud will prove to be of immeasurable value in his role as CEO of Authoriti. We are fortunate to have someone with Mike’s outstanding reputation and experience come on board at this early stage in our growth.”
“Like many in the financial services industry, I am excited about Authoriti’s ability to eliminate fraud and improve client experience. The Authoriti Permission Code™ is simple but secure, and provides institutions with the confidence that every transaction is authorized,” said Cutlip. “Authoriti’s multi-factor smart PIN technology flips the model and gives customers control of every transaction. We have a strong future combatting fraud in the financial vertical, as well as other areas where fraud is on the rise, such as healthcare and real estate.”
Concurrent with his COO responsibilities, Cutlip served on the Board of Directors of HSBC Capital (USA) Inc., HSBC’s direct and fund of funds principal investments business in the Americas. Mike relocated to Hong Kong between 2009 and 2012 to build out GB&M’s Credit Portfolio Management capabilities covering 18 countries in Asia. Mike holds a Bachelor of Science degree from Iowa State University and a Master of Business Administration from The University of Iowa.
How the Permission Code Works
The Authoriti Permission Code Smart PIN puts control of transactions in the hands of the consumer and gives institutions the confidence that every action is authorized. Consumers can authorize a wide variety of requests, including tax return filing, money transfers, insurance billing, sharing medical and financial information, or even social network data sharing. The Permission Code answers one question – was this activity authorized?
Institutions that need to approve a transaction simply ask for an Authoriti Permission Code. The consumer generates the Permission Code with a smartphone app. The consumer may set a Permission Code to authorize a specific activity, last for a set period of time, within a certain place, for a specific service. A simple RESTful service call to Authoriti validates that the user associated with the ID has generated the code and that the transaction is authorized for the specific purpose.
About The Authoriti Network
The Authoriti Network was founded in 2017 to eliminate fraud and data privacy risks by letting customers easily and securely authorize any transaction. Our founders have significant leadership experience dealing with InfoSec at-scale in the world's leading financial institutions. Authoriti develops the patent-pending Authoriti Permission Code Smart PIN, which puts control of transactions in the hands of the consumer and gives institutions the confidence that every action is authorized. Visit https://authoriti.net.
For more information
Yorktown Heights, NY 10598