Nethone receives a $6.7 mn funding injection to combat online fraud
By Joy Dumasia
Nethone, which has raised $6.7 million in the capital, notes that its passive behavioural biometrics enables online or digital businesses to prevent more than 95% of account takeovers (ATO) – cyber threats or attacks been spreading across the globe at an alarming rate.
The Polish fraud fighter has been flourishing in its payment and financial application use cases, systematically proving over ten p.p. higher fraud detection precision than the other methods.
Atmos Ventures and ARIA are leading Nethone’s most recent fundraising alongside Innovation Nest, Plug and Play Ventures, Firlej Kastory and several business angel investors. Series A will allow Nethone to accelerate its go-to-market efforts and strengthen its proprietary Know Your User profiling technology to equip global leaders with the right tools against fraudsters.
Today Nethone’s market success is fueled by:
- First-hand expertise concerning the modus operandi of fraudsters automatically converted into engineering.
- Unique profiling capabilities on mobile.
- State-of-the-art passive behavioural biometrics for recurring user authentication.
- Explainability of its machine learning that boosts client adoption.
Nethone’s new investors are internationally known for their investments in transformational high-tech scale-ups focused on research, development and commercialization of cutting-edge technologies.
Hubert Rachwalski von Rejchwald – Nethone’s CEO, states: “Barriers to entry for fraudster-wannabes have been steadily decreasing. More and more sophisticated SaaS-based tools became available for anyone with some financial resources at their disposal. Today, these are advanced technical solutions built by well-organized, highly experienced groups of rogue IT experts. Wrapped in a user-friendly interface and excellent customer support, they allow for complex anonymization and automation functionalities as well spoofing of historically trusted digital identities that most of the incumbent fraud detection solutions stand no chance of spotting.”