The leader in online brand protection-as-a-service Allure Security announced the completion of a $10 million Series A funding round. Curql, a fintech strategic investment capital firm, led the round joined by new Allure Security investor Datatec Founder and CEO Jens Montanana and existing investors Glasswing Ventures, Zetta Venture Partners, Gutbrain Ventures, and PBJ Capital.
Cybercriminals impersonated twice as many financial institutions online seeking to defraud consumers during the first two months of 2024 compared to the same period in 2023. Allure Security’s massive, proprietary data set also reveals a 43 percent uptick in the frequency of online brand impersonation scams in the same period. Further corroborating the continued increase in online imposters, the Anti-Phishing Working Group called 2023, “…the worst year for phishing on record.”
“Waiting to react to reports of fraud and phishing from online impersonations costs financial institutions tens-of-thousands of dollars per incident, inflicts severe reputation damage, and undermines trust in their digital services,” said Allure Security CEO Josh Shaul. “Yesterday’s defenses are failing; only by using automation and AI for detection and coupling it with the industry’s fastest, most effective takedown team can companies get ahead of these threats to stop scams before they strike.”
Allure Security will use this funding to grow its research and development team, expand its go-to-market function, and extend its leadership position – evidenced by an expanding customer base, exceptional retention rates, and it being a top-rated provider of online brand protection software on Gartner’s Peer Insights platform at time of writing.
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Using machine learning, computer vision, and generative AI to automate the evaluation of tens-of-millions of digital assets each day allows Allure Security to continue outperforming legacy brand protection methods by finding more online brand impersonations closer to initial set-up across websites, social media, and mobile app marketplaces. Allure Security continues to deliver the highest takedown success rates and fastest times-to-takedown in the industry thanks to its uncompromising, mission-driven response team consisting of former U.S. Military Special Forces members.
“Our decision to invest in Allure Security underscores our commitment to not only advancing the fintech landscape but also safeguarding the trust and well-being of credit union members,” said Nick Evens, President and CEO of Curql Collective. “Allure Security’s smart, AI-powered approach is changing the game in fighting online fraud – and that’s a core pillar for what credit unions big and small need to stay competitive.”
About Allure Security: Allure Security protects brands by finding and stopping online brand impersonation attacks before people fall victim. Our patented, artificial intelligence-powered engine finds more spoofed websites, social media accounts, and mobile apps more quickly and with greater accuracy than legacy approaches. Our unique, multi-pronged approach to managed response – blocklisting, decoy data, and takedown – significantly reduces the lifespan of a scam and related damage.
SOURCE: PRNewswire
