Usually, fraud is detected only after one such incident takes place. And, companies take preventive measures to stay protected in the future. However, with the upsurge of digitisation and technology, fraud detection and prevention have become common. Artificial Intelligence has a wide range of applications from stock trading to credit card fraud detection and more.
AI is primarily used for task automation, behaviour analysis, customer services, and fraud finding. And, several VCs and investors are making large-scale investments in companies that specialise in AI. Without further ado, here is a list of fast-growing fraud detection startups in Europe that are worth your attention in 2020 as sourced from Dealroom.
Nethone (Poland)
CEO: Hubert Rachwalski
Funding: €910k
Founded year: 2016
Why its hot: Nethone is a data science company specialised in AI-driven fraud prevention and business intelligence. Founded by a team of experienced data scientists, commercial security specialists, and risk managers, Nethone operates globally to identify fraudsters among legitimate cardholders, brand loyalists among discount hunters, and new shoppers among return customers.
Shift Technology (France)
Founders: David Durrleman, Eric Sibony, Jeremy Jawish
Funding: €89.2 million
Founded year: 2013
Why its hot: Shift Technology was established to make use of Artificial Intelligence, which can unlock the future of insurance, resolve claims automation challenges and fraud detection while empowering insurers to deliver great customer experiences. It focuses on creating AI-based solutions and is on a mission to transform the insurance industry with this technology.
Red Points (Spain)
Founder: Josep Coll
Funding: €58.4 million
Founded year: 2011
Why its hot: Red Points protects the brands and their content in the digital world. It uses its proprietary technology, which is based on machine learning algorithms to scan the internet and detect infringements and violations. The company provides full visibility and actionable intelligence to its clients via a real-time reporting tool.
buguroo (Spain)
Founders: Pablo de la Riva
Funding: €16 million
Founded year: 2010
Why its hot: The Spanish cybersecurity startup buguroo’s platform detects any sort of fraudulent attack. Initially, it was established as a CaaS (CyberCrime as a Service) startup. Gradually, as the activities of fraudsters are changing, the startup realises that protection against these attacks has to improve. buguroo offers protection against hackers with its deep learning technology that combines malware detection, device assessment, and behavioural biometrics.
Authenteq (Iceland)
Founders: Adam H. Martin, Kari Thor Runarsson, Runar Karlsson
Funding: €6.4 million
Founded year: 2015
Why its hot: Authenteq is an authentication and digital identity platform, which lets anyone verify their identity instantly and use their digital biometric passport on any platform or website to prove their identity. The Authenteq ID is owned and controlled by the users with their personal details saved on the blockchain. The initial signup takes less than 90 seconds and is completely automated and helps prevent identity theft and fraud.
Fraugster (Germany)
Founder: Max Laemmle
Funding: €16.9 million
Founded year: 2014
Why its hot: Fraugster is an Artificial Intelligence-based software, which prevents fraud in online retail. It has developed a proprietary technology that takes data from various sources and analyses and verifies if a transaction is fraudulent or not in a fraction of a second. It does this by monitoring several thousands of data points and build a picture of the user’s trustworthiness and verify if the transaction is genuine.
Calltic (Belgium)
Founder: Guy Van der Meeren
Funding: €1.5 million
Founded year: 2017
Why its hot: Calltic is a Belgium-based startup that has developed a new promising tech to detect telecom fraud. Its solution for telecom fraud is advertised to outperform existing CDR-based solutions by a considerable margin. The company touts that its solution is out-of-the-box and capable of detection frauds rapidly, effortlessly, and accurately.
Stock photo from Billion Photos/Shutterstock
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