Fraud protection startup “nSure AI” has secured $6.8 million in a recent seed fundraising round, backed by DisruptiveAI, Phoenix Insurance, AXA-backed venture builder Kamet, Moneta Seeds. With the help of these funds, the company will strengthen its predictive AI and machine learning algorithms that power nSure AI’s fraud protection platform. The company had also raised $550,000 in March 2019.
The nSure AI helps people to detect Fraud transactions accurately and helps the users to decide which transactions should be approved or which not. It uses deep learning technology to properly verify fake transactions. Currently, the company has 16 employees however, after receiving these funds the company will hire more employees and can make efforts to expand its business on a large scale.
In this digital era, fraud transactions have become a common issue worldwide, fraudsters have a wide range of innovative ideas to commit frauds without being caught, therefore, it is necessary for the businesses involving high-risk goods to use a good fraud detection tool to avoid being trapped in a fraud transaction. However, several fraud detection tools are available in the market across the world which claims to provide good results but not every tool is useful therefore, the users need to choose a fraud detection tool which use deep learning technique while detecting the fraud transaction as such kind of tools provide fair results as compared to other fraud detection tools available in the market.
Earlier the company started an online gift card business but when they found that 40% of their gift card sales were involved in fraud transactions then the founders of the company Alex Zeltcer and Ziv Isaiah decided to develop their fraud detection tool using AI and Machine learning techniques. They took this decision because they don’t want other businesses of high-risk digital products to face the same situation as they’ve faced earlier. According to Zeltcer, co-founder and chief executive, “the investment allows us to boost the confidence of thousands of new merchants to sell higher-risk digital goods, without being trapped in the fraud transactions”. Currently, NSure AI, engaged in monitoring and managing millions of transactions every month.