To predict and prevent fraud online even more quickly than cybercriminals adopt new tactics, Sift Science has raised $30 million in a Series C round of venture funding in a round led by Insight Venture Partners.
According to the U.S. Internet Crime Complaint Center IC3 2015 annual report, reported internet crimes alone, ranging from personal and corporate data breaches to credit card fraud, phishing, and identity theft cost victims $1.07 billion.
The financial losses to U.S. businesses as a result of such crimes go well beyond what is reported to iC3, of course.
Certain types of sites and apps are under more frequent attacks than others, with digital gift card businesses, money transfer services and on-demand marketplaces rampant with fraud attempts.
Sift CEO Jason Tan explained that in an earlier wave of e-commerce, companies relied on rules and rigid systems to flag potential fraudsters.
Static, rules-based systems leave companies turning down too many good customers and users, but also missing important trends in cybercrime before they strike home, Tan said.