Polish fraud protection firm Nethone has bagged $6.7m from a Series A funding round co-led by ARIA and Atmos Ventures.
The round also saw participation from Innovation Nest, Plug and Play Ventures Firlej Kastory and a number of other angel investors.
Founded in 2016, Nethone is developing a passive behavioural biometrics platform that the firm claims will allow online companies to prevent around 95.3% of account takeovers – a specific cyber threat that has been spreading globally at a fast rate.
The firm also claims that it also systematically proves over 10 p.p higher fraud detection precision that the conventional methods of other companies.
According to Nethone, the Series A will help it accelerate its go-to-market efforts and bolster know-your-user profiling technology to provide global leaders with the best tools to fight fraudsters.
The company noted that the last year has provided it with ‘sufficent momentum’ to more than double its client base and increase volumes in onboarded accounts across digital goods and services, financial services verticals and eCommerce.
Nethone CEO Hubert Rachwalski von Rejchwald said, “The last year has seen an unprecedented spike in fraudsters’ activities. COVID-19 has fueled a “professionalization of fraud” trend that Nethone has been observing systematically escalate since the company’s inception in 2016. Barriers to entry for fraudster-wannabes have been steadily decreasing.
“More and more sophisticated SaaS-based tools became available for anyone with some financial resources at their disposal. Today, these are advanced technical solutions built by well-organized, highly experienced groups of rogue IT experts. Wrapped in a user-friendly interface and excellent customer support they allow for complex anonymisation and automation functionalities as well spoofing of historically trusted digital identities that most of the incumbent fraud detection solutions stand no chance of spotting”
Nethone CPO Aleksander Kijek added, “The forward-looking answer to anyone who wishes to effectively transact online is to deeply understand every single user, as they browse the website or use a mobile app. Our KYU profiling technology gives access to first-hand real-time insights about what is really happening with the device, how this device interacts with the servers of the platform and, last but not least, what is the raw behavior – keystrokes, mouse movements, gyro or accelerometer readings, touches on mobile).
“These are currently over 5000 attributes that we are extracting passively in the background about every single user thanks to years of targeted research and engineering, Importantly our goal is never to affect the customer journey by staying invisible in the background nor invade end-user privacy thanks to the low-level nature of the attributes we collect.”
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