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Description

Fraugster is a software company that uses AI to prevent fraud for online retailers. The company has developed a proprietary technology that takes data from multiple sources, analyses and cross-checks it in just a few seconds to determine whether a transaction is fraudulent or not. By monitoring thousands of data points, Fraugster’s technology can build a picture of a user’s trustworthiness. According to Handelsblatt, the company handles risk management for payment service providers such as Ingenico ePayments and Six Payments, and hedges payments with an annual volume of EUR 35 billion. It raised US$14 million in a Series B funding round led by CommerzVentures in November 2018 and said it will use the funds to continue its expansion into new markets, including the US, Asia and Europe.