As the proportion of global online commerce continues to increase, it is estimated that online synthetic fraud, considered to be the most lucrative and cost-efficient form of fraud for fraudsters, is now the fastest growing type of fraud, costing businesses c.$100B per year.
Ireland-based, UrbanFox provides software to help businesses mitigate and prevent online synthetic fraud risk. The solution leverages proprietary Machine Learning (ML) technology to build neural networks that simulate fraudulent behaviour, observing its clients’ customer account data and behaviour, flagging accounts and transactions identified as fraudulent and presenting edge cases for human-assisted review via an easy-to-use dashboard.
General Partner Patrick Pinschmidt shared his thoughts on the investment: “We first met Dan over two years ago and have grown increasing excited about UrbanFox’s ability to leverage generative AI and market-leading technologies to outsmart increasingly sophisticated fraudsters as well as go live with an impressive roster of early adopters.”
You can read more about UrbanFox and the funding round here.