AI engine exposes online fraud

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Allure Security announced today that it has closed a $6.8 million seed funding round. The investment comes amid rising online fraud — $56 billion in identity theft and $20 billion in losses from online payment fraud — an increasing demand for identity theft technology.

“There is a $76 billion dollar digital fraud problem that doesn’t seem to stop legacy technology,” said Josh Shaul, CEO of Allure Security. “Allure Security’s AI-based approach to targeting the scam source is destroying criminals’ business models – something traditional approaches fail to do.”

Allure’s AI-powered engine is designed to surpass traditional mechanics and other offerings in both speed and accuracy. Speed ​​is the key to discovering and removing fraudulent websites. Shortening the life of a scam can reduce fraud losses and limit brand damage. New offerings from Allure for identifying fraudulent mobile apps and social media accounts are also key ingredients for brand protection.

AI-driven analytics for a comprehensive online sweep

Allure Security software focuses on protecting digital brands and reducing fraud, which will hopefully reduce the workload for security teams by identifying brand impersonation scams across the web, mobile apps and social media. Allure’s patented AI system is designed to automate the analysis of tens of millions of websites, apps and other online content, triggering a multifaceted response to disrupt and eliminate brand abuse before damage occurs.

“Every second a fake website, mobile app, or social media account is online, the victim’s brands and consumers take a hit, losing a lot of time and money,” said Gutbrain founder and CEO Bob Davoli. “I look forward to working with Josh and the growing team to continue to innovate to protect brands and their customers and make digital commerce reliable and secure.”

Originally funded with $10 million in DARPA funding from a team of scientists from Columbia University, Allure Security’s investors have funded countless companies in the fields of fraud detection and prevention, threat intelligence, and AI.

Gutbrain Ventures led the round, along with new Allure Security investors PBJ Capital and Impellent Ventures, and existing investors Glasswing Ventures, Zetta Venture Partners and Portage Partners.

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