Neuro-ID Raises $ 35 Million to Help Improve Fraud Screening
According to a press release, Neuro-ID raised $ 35 million in a Series B funding round that serves its mission to improve fraud detection for digital organizations.
“Neuro-ID enables its customers to understand the behavior and intentions of the person behind the screen in real time,” said Jack Alton, CEO of Neuro-ID, in the press release. “With the false rejection problem currently 70 times larger than the global fraud problem, this new level of transparency enables companies to identify and convert real customers who have previously been rejected or exposed to unnecessary friction.”
Canapi Ventures led the round, and existing investors Fin VC and TTV Capital also participated, the announcement said.
Founded in 2014, Neuro-ID works in real-time behavior analysis solutions to fight online fraud and increase conversion rates and customer experiences, according to the press release.
The Friction Index platform examines an organization’s behavioral data to gain insight into user interactions, the press release said. The company can instantly differentiate between legitimate users and fraudsters, helps real customers complete transactions seamlessly, and alerts risk teams of the malicious actors before they can commit fraud.
Alton added in the press release that issues such as friction and fraud have given Neuro-ID an opportunity to help customers and the new capital âprovides the resources and in-depth expertise we need to drive our growth for years to come “.
In December, Neuro-ID raised $ 7 million in a Series A funding round, according to a press release. The company has spent this year growing and adding more customers.
Peter Andrious, VP of Solutions for Neuro-ID, told PYMNTS in July that behavior analysis can help alleviate customer frustration and stop shopping cart abandonment.
Continue reading: Behavioral analyzes show exactly where the online customer journey ends
Leaving the shopping cart can be a critical blow and lead to lost sales and customers. Andrious said many companies lack transparency about why customers are doing the way they do.