Company that detects credit card fraud gets $11 million
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 trip uses a card in Asia, while his wife is making a transaction with the same joint account in San Francisco. It looks suspicious but it is legit. I know. This just happened, and it took a panicky phone call from me to get the card reactivated.)
The system relies on behavioral analytics and real-time fraud intelligence tools.
"If we approve a transaction that is ultimately found to be fraudulent, we will cover the full amount we approved. Period," the company's Web site says. The company lists a boatload of customers on its site. The guarantee goes to merchants who buy the services, but consumers benefit as well.
Although based in Palo Alto, Calif., the company comes out of Israel. The CTO held senior positions in the Israeli Defense Forces, which is sort of a finishing school for the security industry.
BARCLAYS MASTERCARD.THEY ALLOWED TLG COMPLETE HOME COMPANY TO PUT INSERTS IN THEIR CUSTOMERS STATESMENTS WITH A CHECK TO BE CASHED. IF YOU SHOULD CASH THE CHECK THIS AUTHORIZES THE COMPANY TO CHARGE YOUR ACCOUNT $139.99. I DID 'NOT' CASH THIS CHECK AND NO OTHER CONTACT WITH THIS COMPANY UNTIL I RECIEVED MY ALERT OF A CHARGE ON MY ACCOUNT OF OVER $100.00 CHARGE.PLEASE BEWARE AND CHECK YOUR STATEMENT EVERY MONTH AND ALSO INCLUDE ALERT TO YOUR ACCOUNT. BY THE WAY I CONTACTED THE COMPANY AND THEY WERE QUICK TO GIVE ME A CANCELLATION # AND ASSURED ME OF MY CREDIT.CAN YOU IMAGE ALL OF THEIR CUSTOMERS THAT THIS WILL GO UNDECTED. THIS SHOULD SURELY BE AGAINST THE LAW. THIS SHOULD BE INVESTIGATED FROM THE CREDIT CARD COMPANY AS WELL AS THE COMPANY.
BARCLAYS MASTERCARD.THEY ALLOWED TLG COMPLETE HOME COMPANY TO PUT INSERTS IN THEIR CUSTOMERS STATESMENTS WITH A CHECK TO BE CASHED. IF YOU SHOULD CASH THE CHECK THIS AUTHORIZES THE COMPANY TO CHARGE YOUR ACCOUNT $139.99. I DID 'NOT' CASH THIS CHECK AND NO OTHER CONTACT WITH THIS COMPANY UNTIL I RECIEVED MY ALERT OF A CHARGE ON MY ACCOUNT OF OVER $100.00 CHARGE.PLEASE BEWARE AND CHECK YOUR STATEMENT EVERY MONTH AND ALSO INCLUDE ALERT TO YOUR ACCOUNT. BY THE WAY I CONTACTED THE COMPANY AND THEY WERE QUICK TO GIVE ME A CANCELLATION # AND ASSURED ME OF MY CREDIT.CAN YOU IMAGE ALL OF THEIR CUSTOMERS THAT THIS WILL GO UNDECTED. THIS SHOULD SURELY BE AGAINST THE LAW. THIS SHOULD BE INVESTIGATED FROM THE CREDIT CARD COMPANY AS WELL AS THE COMPANY.
harie
<a href="http://www.creditcardchecked.com">Best credit card deals</a>
- by harie123 August 27, 2009 8:22 PM PDT
- Compare credit card offers using our tools and information so you can choose the best credit cards for you.
- Like this Reply to this comment
-
(4 Comments)harie
[url=http://www.creditcardchecked.com]Best credit card deals[/url]