FraudSciences Corp. takes $11M for fraud analytics
Fraudsciences Corp., a Palo Alto, Calif. based startup, has taken $11 million in a second round of funding to develop software that prevents fraudulent credit card purchases.
The software actively tracks online buyers as they go about purchasing products, in an attempt to tell if they are using stolen credit card information. The company claims its product can make overseas transactions, among others, more secure. A money-back guarantee to retailers in case of fraud-related charge backs is part of the package.
The lead investor was Redpoint Ventures. Previous investor BRM Capital, which is based in Tel Aviv, Israel, also participated.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.