By RiskTech Radar
Published on Nov 3, 2024
In the rapidly evolving landscape of fraud detection, several innovative platforms have emerged in recent years, securing funding and offering advanced solutions to the risk market. Here are five vendors and products to be aware of, making significant strides in fraud prevention technology.
Alertspeed is an AI-powered fraud detection platform launched in early 2023. It specializes in real-time monitoring and risk assessment for financial institutions, providing a comprehensive solution for detecting and preventing fraudulent activities. The platform leverages machine learning models trained on extensive datasets to identify suspicious behavior across multiple channels, including online banking and payment services. Alertspeed recently secured $8 million in Series A funding, and they are rapidly expanding their client base among mid-sized banks and fintech companies.
Vespia, founded in 2022, focuses on providing fraud detection for e-commerce businesses. The platform integrates advanced behavioral analytics with machine learning to detect account takeovers, synthetic identities, and transaction fraud. Vespia has raised $10 million as of October 2024, and is currently working with several notable e-commerce companies to reduce fraud-related losses while enhancing the overall customer experience.
Launched in 2022, Coris develops software to help fintech companies manage risk and fraud among small- and medium-sized business clients. As of October 2024, the company has raised $3.7 million and is working with clients like Mindbody and ClassPass.
Founded in 2022, Footprint enables businesses to increase onboarding conversion while ensuring compliance and reducing fraud. By integrating Know Your Customer (KYC), security, and authentication processes, Footprint has raised $20 million as of October 2024. Their solution has been praised for significantly reducing onboarding friction while keeping fraud risk low, attracting clients from both fintech and traditional financial sectors.
Established in 2020, Sardine offers a fraud prevention platform that combines AI and machine learning to detect and prevent fraud in real-time. The company has raised $51.5 million in funding, with the latest round in September 2022. Sardine's approach focuses on dynamic fraud prevention for cryptocurrency exchanges, neobanks, and payment platforms, using behavioral analytics to identify and mitigate threats without impacting user experience.