Fraud Sciences, which has developed systems that cut down on credit card fraud, has received $11 million in a new round of funding, according to VentureBeat. The lead investor was Redpoint Ventures.
The company has devised what it calls the SpotLight transaction verification system, which essentially confirms that the customer trying to use a credit card number on a computer is the owner of the credit card. The system cuts down on fraudulent transactions, but also lets merchants accept transactions that seem to be a bit suspicious, but in fact are genuine (i.e. a husband on an international business … Read more