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Identiq, a privacy-friendly fraud prevention startup, secures $47M at Collection A

Israeli fraud prevention startup Identiq has raised $47 million at Collection A as the corporate eyes worldwide progress, pushed largely by the spike in on-line spending in the course of the pandemic.

The spherical was led by Perception Companions and Entrée Capital, with participation from Amdocs, Sony Innovation Fund by IGV, in addition to current buyers Vertex Ventures Israel, Oryzn Capital, and Gradual Ventures.

Fraud prevention is huge enterprise, which is slated to be price $145 billion by 2026, ballooning by eightfold in measurement in comparison with 2018. However it’s a knowledge hungry trade, fraught with safety and privateness dangers, having to depend on sharing huge units of client information with the intention to be taught who professional clients are with the intention to weed out the fraudsters, and subsequently.

Identiq takes a unique, extra privacy-friendly method to fraud prevention, with out having to share a buyer’s information with a third-party.

“Prior to now, the one manner corporations may clear up this downside was by exposing the info they got by the person to a 3rd social gathering information supplier for validation, creating enormous privateness issues,” Identiq’s chief govt Itay Levy advised TechCrunch. “We solved this by permitting these corporations to validate that the info they’ve been given matches the info of different corporations that already know and belief the person, with out sharing any delicate info in any respect.”

When an Identiq buyer — similar to an internet retailer — sees a brand new buyer for the primary time, the shop can ask different shops in Identiq’s community in the event that they know or belief that new buyer. This peer-to-peer community makes use of cryptography to assist on-line shops anonymously vet new clients to assist weed out dangerous actors, like fraudsters and scammers, while not having to gather personal person information.

To this point, the corporate says it already counts Fortune 500 corporations as clients.

Identiq mentioned it plans to make use of the $47 million elevate to rent and develop the corporate’s workforce, and goals to scale up its help for its worldwide clients.

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