FAAMG-like fraud prevention for companies of any size

Deduce, the leading provider of cybersecurity solutions powered by real-time identity network data, today announces its successful $10M Series A round led by Foundry Group with participation from True Ventures. The company is also announcing the launch of Deduce Insights, a first-of-its-kind platform that increases digital identity telemetry and acts as cybersecurity radar to give early warning of fraudulent behavior before it affects a company’s customers.

identity insights

Insights provides real-time analytics profiling and scoring based on over 1.4 billion daily user interactions drawn from over 150,000 websites and 450 million user profiles. Powerful fraud-spotting tools once reserved for the world’s largest tech companies, like Facebook, Apple, Amazon, Microsoft, and Google (FAAMG), are now available to companies of any size.

“Following the success of our Customer Alerts product, companies told us that they wanted a platform to plug gaps in the data needed to proactively spot fraudulent behavior so they could stop it before their customers were affected,” explains Ari Jacoby, Deduce CEO and co-founder. “We developed Insights to answer that call with a level of real-time user behavior data unprecedented outside the walls of the world’s largest tech companies.”

The innovative approach of Deduce’s Customer Alerts product — that directly alerts customers about suspicious account activity — resulted in the company’s selection as a finalist in the RSA Innovation Sandbox competition along with an honorable mention from Fast Company’s World Changing Ideas Awards.

“Identity fraud is a huge problem facing any industry that registers or logs in customers. Account takeover fraud alone is expected to triple over the next five years,” points out Lindel Eakman, a partner at Foundry Group. “Few companies outside of the FAAMG club have the data and resources to counter that threat but Deduce’s innovative approach levels the playing field to let any company proactively protect its customers — and its reputation — as the pandemic-accelerated shift online becomes the new norm.”

Insights draws from the same pool of innovation as Customer Alerts and is powered by the Deduce Identity Network that works within global data privacy rules, including GDPR and CCPA, to analyze vast troves of real-time user behavior data. The data network provides ground truth for determining whether a user is who they claim to be at the point of online interaction. Powerful algorithms crunch the data to spot potentially fraudulent activity and provide early warning to detect and prevent threats including:

Account Opening/New Registration Fraud — augments a company’s existing fraud or know-your-customer (KYC) solutions with digital insights to stop fraudsters from impersonating compromised user identities

Account Takeover — detects and allows quick responses to irregular or anomalous user account activity, bolstering defenses and stopping account takeover in its tracks

Account Anomalies — measures deviations against known and expected account interactions to detect security threats

Customers from eCommerce and fintech to social and entertainment rely on Deduce to detect and stop potentially fraudulent behavior before consumer accounts are affected. Untappd, a networking service for beer lovers around the world, uses Deduce’s Customer Alerts to protect its users against suspicious account activity and enhances its fraud-spotting with Insights by adding critical factors to forecast potentially fraudulent behavior, like:

Activity Data — determine what the expected point of origin, interaction type, and typical behavior is for a particular user

Device Metrics — identify suspicious changes in device type and parameters including OS and browser data

Network Intelligence — detect anomalous and suspicious network types that are involved in fraudulent activity and anomalies like proxy servers, TOR browsers, or datacenters

Geolocation — assess a user’s point of origination across countries, states, cities, and time zones to spot suspicious behavior

Threat Signals — easily consume trust indicators, and risk signals to affect a user’s online journey

Recurrent Ventures, an innovative digital media company, will soon start using Deduce to protect its user and visitor data across its portfolio of high-profile media properties such as The Drive, Domino, Popular Science, SAVEUR, Task & Purpose, and more.

“In an increasingly complex online world where users are highly mobile, own multiple email accounts or use services like VPNs, it’s very difficult to discern legitimate behavior from fraudulent behavior,” explains Matt Young, Recurrent’s CRO. “Deduce’s unparalleled technology addresses the critical cybersecurity issues but most importantly, it will help us protect our users and our brands.”

Deduce’s Customer Alerts product grabs top spot

Deduce, the leading provider of cybersecurity solutions powered by real-time identity network data, today announces that its widely-honored Customer Alerts product won the 2021 Fortress Cyber Security Awards in the Authentication and Identity category. The industry awards recognize the world’s leading companies and products that are working to keep data and electronic assets safe among a growing threat from hackers.

“The largest Internet companies in the world have vast resources and data to draw on to protect their users from identity fraud like account takeover,” explains Ari Jacoby, Deduce CEO and co-founder. “Deduce’s multiple award-winning Customer Alerts levels the playing field by tapping an innovative network of real-time, privacy-compliant identity data that spots potential fraudsters so companies of any size can protect their customers from criminal acts.”

2021 Fortress Cyber Security Award

Deduce Customer Alerts works within global data privacy rules, including GDPR and CCPA, to maintain more than 450 million US profiles that provide a baseline for determining whether a user is who they claim to be at the point of online interaction. Powerful algorithms crunch the data to spot potentially fraudulent activity — like logging in from unusual locations, devices, or exhibiting unusual behavior — and send alerts asking the customers themselves if the login is valid.

“We are so proud to name Deduce as a winner in the 2021 Fortress Cyber Security Awards program,” said Maria Jimenez, Chief Nominations Officer, Business Intelligence Group. “As our society continues to evolve and become more reliant on networks and data, companies like Deduce are critical at providing the protection and trust consumers demand.”

The Fortress Cyber Security Awards win comes on the heels of a recent honorable mention from Fast Company’s 2021 World Changing Ideas Awards and a finalist slot in the RSA Innovation Sandbox competition.

Originally published at https://www.webwire.com.

Deduce’s Customer Alerts product is leveling the fraud prevention playing field

Deduce, the leading provider of cybersecurity solutions powered by real-time identity network data, today announces that Deduce is the Global InfoSec Awards’ Publisher’s Choice in Fraud Prevention. The awards are announced by Cyber Defence Magazine during the RSA Conference to honor startups and public companies that demonstrate a unique and compelling value proposition in the information security (InfoSec) space.

Deduce Customer Alerts works within global data privacy rules, including GDPR and CCPA, to maintain more than 450 million US profiles that provide a baseline for determining whether a user is who they claim to be at the point of online interaction. Powerful algorithms crunch the data to spot potentially fraudulent activity — like logging in from unusual locations, devices, or exhibiting unusual behavior — and send alerts asking the customers themselves if the login is valid.

“The alarming truth is that most companies lack the data resources to power proven and familiar best practices — email alerts — used by the internet giants, which puts consumers at risk,” explains Ari Jacoby, Deduce CEO and co-founder. “The Deduce Identity Network and our Customer Alerts provide powerful fraud prevention tools that spot potential fraudsters and level the playing field for companies of any size to protect their customers from criminal acts.”

“We scoured the globe looking for cybersecurity innovators that could make a huge difference and potentially help turn the tide against the exponential growth in cybercrime. Deduce is absolutely worthy of this coveted award and consideration for deployment in your environment,” said Gary S. Miliefsky, Publisher of Cyber Defense Magazine.

Originally published at https://www.webwire.com.