Mobile identity platform Incognia has scored $15.5m in its Series A funding round, which was led by Point72 Ventures.
The investment will help Incognia bolster its growth efforts.
The company, which launched its services in the US 18 months ago, protects over 200 mobile users across 20 countries. It claims to reduce the security friction for user authentication and fraud prevention on mobile applications, across FinTech, crypto, gaming, delivery and social platforms.
Its mobile app security utilises location signals and motion sensors on a device to build a privacy-first location identity that is unique to each user. It claims to be ten-times more accurate than facial identification and has a false acceptance rate of less than one in 17 million.
Identity fraud is becoming a behemoth, with losses reaching $52bn in 2021 and around 45 million US adults affected, according to Javelin Strategy and Research.
To combat the rising levels of social engineering fraud attacks, Incognia works silently in the background on mobile devices, using anonymised location behaviour to create a new form of digital identity that provides a frictionless UX with maximum security, it said.
Incognia founder and CEO André Ferraz said, “Today’s authentication and fraud detection solutions aren’t working for the user, or for businesses, and the market is looking for more innovative technologies. Incognia is pushing the frontier of identity assurance and authentication to deliver increased security with minimal user friction.
“We’re emerging as the global location identity leader, effectively combating the increasing fraud on mobile around the world. We’re dedicated to enabling our customers to deliver frictionless mobile experiences without compromising security and privacy.”
Last week, PayTech giant Checkout.com acquired digital identity verification provider ubble. The company automates verification of user identities.
Copyright © 2022 FinTech Global