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Allure Security today announced that it has closed a $6.8 million seed funding round. The investment comes amidst surging online fraud —$56 billion in identity theft and $20 billion in online payment fraud losses — increasing demand for identity theft technology.
“There’s a $76 billion-dollar digital fraud problem that legacy technology can’t seem to stop,” said Josh Shaul, CEO of Allure Security. “Allure Security’s AI-based approach to targeting the scam source destroys criminals’ business models — something traditional approaches fail at.”
Allure’s AI-powered engine is designed to outperform traditional mechanisms and other offerings in both speed and accuracy. Speed is key to discovering and removing fraudulent websites. Shortening a scam’s lifespan can reduce fraud losses and curtail brand damage. New offerings from Allure for identifying fraudulent mobile apps and social media accounts are also key ingredients for brand protection.
AI-driven analysis for a comprehensive online sweep
Allure Security software is focused on safeguarding digital brands and mitigating fraud, which will hopefully reduce the workload for security teams by identifying brand impersonation scams across the web, mobile apps, and social media. Allure’s patented AI system is designed to automate the analysis of tens of millions of websites, apps, and other online content, which triggers a multifaceted response to disrupt and eliminate brand abuse before damage occurs.
“Every second that a counterfeit website, mobile app, or social media account lives online, the victim brands and consumers take a hit, losing significant time and money,” Gutbrain founder and managing director Bob Davoli said. “I look forward to working with Josh and the growing team to continue innovating to protect brands and their customers and make digital commerce trustworthy and secure.”
Originally funded with $10 million in DARPA funding by a team of Columbia University scientists, Allure Security’s investors have funded numerous companies in fraud detection and prevention, threat intelligence, and AI.
Gutbrain Ventures led the round, joined by new Allure Security investors PBJ Capital, and Impellent Ventures, and existing investors Glasswing Ventures, Zetta Venture Partners, and Portage Partners.
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