At a time when fraud incidents are increasing alarmingly, companies are increasingly taking precautionary measures to reduce their chances of falling victim to fraud. The surge in technology and digitalisation are important contributors to fraud prevention and detection. Specifically, technology AI has numerous applications that enable fraud to be detected in a variety of areas, especially where personal and confidential information such as credit cards are available. More generally, AI technology is mainly used for task automation, behavior analysis, customer service and fraud detection. Over the years, more and more investments are being made in companies specializing in AI technology. At this point it is worth mentioning the top fast growing fraud detection companies in Europe for 2020, according to the Dealroom.
First on the list is Nethone, which was founded in Poland in 2016 by a team of experienced data scientists, commercial security experts and risk managers and has Managing Director Hubert Rachwalski and funding of 910.000 euros. It is a data science company specializing in fraud prevention and business intelligence driven AI technology. Nethone operates worldwide to detect fraudulent credit card transactions.
Second on the list is Shift Technology in France, founded in 2013 by David Durrleman, Eric Sibony and Jeremy Jawish, with funding totaling over € 89.000.000. The company was created to use AI technology, which can unlock the future of insurance, address automation challenges and facilitate fraud detection while enabling insurers to provide excellent experiences to customers. It focuses on developing AI-based solutions and aims to transform the insurance industry with this technology.
Third on the list is Red Points, founded in Spain in 2011 by Josep Coll and has a financing of around 58.000.000 million euros. Red Points protects brands and their content in the digital world. It uses its proprietary technology, which relies on machine learning algorithms to scan the internet and detect fraud and fraud. The company provides its customers with complete visibility and intelligent intelligence through a real-time reporting tool.
Fourth on the list is buguroo in Spain, founded in 2010 by Pablo de la Riva with a funding of 16.000.000 euros. The Spanish cyber business security platform buguroo detects all kinds of fraud. Originally, it was created as a startup for CaaS (CyberCrime as a Service). Gradually, as the activities of the scammers change and evolve, protection against them attacks requires improvement. Buguroo offers hacker protection with deep learning technology that combines malware detection, device evaluation and biometric behavior.
Fifth on the list is Authenteq in Iceland, founded in 2015 by Adam H. Martin, Kari Thor Runarsson and Runar Karlsson and has approximately € 7.000.000 in funding. It is an authentication and digital authentication platform that allows anyone to verify their identity directly and use their digital biometric passport on any platform or website to prove their identity. Authenteq is owned and controlled by users with their personal information stored on blockchain. The initial registration takes less than 90 seconds and is fully automated and helps prevent identity theft and fraud.
Sixth on the list is Fraugster in Germany, founded in 2014 by Max Laemmle, with approximately 17.000.000 euros in funding. Fraugster is a software based on AI technology that prevents online retail fraud. It has developed a proprietary technology that receives data from various sources and analyzes and verifies whether a transaction is fraudulent or not direct. This is done by tracking thousands of data points and creating an image of user credibility and verification of the actual transaction.
Seventh and last in the list is Calltic, founded in 2017 in Belgium by Guy Van der Meeren, with a financing of € 1.500.000. It is a startup that has developed a promising new technology for detecting telecommunications fraud. Its telecommunication fraud solution is being promoted to surpass existing CDR-based solutions. The company assures that its solution is capable of detecting fraud quickly, effortlessly and accurately.