| This is the 15,590th early-stage start-up company Fraugster screened and reported by "Hunting Cloud Network" - a company co-founded by a German and Israeli company recently received US$5 million in financing. The company uses artificial intelligence technology to reduce payment fraud. |
The round was led by Earlybird, with participation from existing investors Speedinvest, Seedcamp and an unnamed Swiss family company. The financing will be used to recruit more talent as Fraugster gradually expands globally.
This is the 15,590th early-stage start-up company screened and reported by "Hunting Cloud Network" />Fraugster was founded in 2014. The founder is Max Laemmle, who previously co-founded the payment gateway company Better Payment; the other founder is Chen Zamir has more than 10 years of experience in analysis and risk management, and has also worked at PayPal for 5 years. Fraugster said that their current transaction volume is nearly 15 billion US dollars, and there are thousands of international traders and payment service providers on the platform Bit, Visa is also in this queue.
Fraugster's fraud detection technology is based on artificial intelligence, which can learn a little bit with each transaction, and can even predict fraud before it happens. This technology can reduce payment fraud by 70% while increasing conversion rates by 35%.
“We started Fraugster because the entire payments risk market was built on outdated technology,” said Max Laemmle, the startup’s CEO and co-founder. “Existing rules-based systems and traditional machine learning solutions The solution is too expensive and cannot adapt to new fraud patterns in real time. We have invented a self-learning algorithm that simulates the thinking process of human analysts, and the detection range is not inferior to that of ordinary machines. The judgment time of this algorithm can be reduced to 15 milliseconds."
"The core of our artificial intelligence engine lies in a set of very powerful algorithms that can simulate the judgment process of human analysts to verify transactions. Under this technology, we can analyze the story behind each transaction, with a high degree of accuracy Judge whether this transaction is fraudulent."
"Our judgment results are completely transparent, so you can understand why your transaction was rejected. On this basis, we upgraded the judgment speed of the algorithm to 15 milliseconds. The reason why we can be so fast is because we invented developed its own in-memory database technology.”
In Fraugster's view, their competitors are big names with big names like FICO or SAS whose technology, in Fraugster's words, is outdated.
Original address of this article: Using AI to detect payment fraud, Fraugster received 5 million US dollars in financing | "This is how you should learn Linux" Author: Zheng Shuai, Auditor: Pang Zengbao