It’s not easy tackling darknet fraudsters, but that’s exactly what London-based fraud detection tech startup Ravelin does. It’s also announced that it has closed a £3 million investment funding round as the business looks at expanding.
In the last nine months, Ravelin has grown their company revenue by more than 600 percent, attracting high-profile names, according to a report from Bdaily. Some companies that work with Ravelin include EasyTaxi and Deliveroo and investors Playfair Capital.
Martin Sweeney, Ravelin chief executive said to Bdaily that merchants, consumers, and banks face a growing problem with fraud.
Fraud is growing faster than ecommerce as a whole. Last year it was $16bn globally and in the U.K. it’s one of the largest forms of crime overall.
Through the use of AI algorithms and machine learning, Ravelin is helping to tackle the issue of fraud. It is doing this through the process of fraud probability based on behavior and actions.
According to Sweeney, online crime is now the world fraudsters are targeting where there are zero repercussions.
Darknet Fuels the Market
In Sweeney’s opinion, fraudulent credit cards on the darknet are easy to get, which is why there has been a rampant rise in online fraud.
According to Europol, digital currencies such as bitcoin remains the currency of choice for most cybercrime activities. However, in an attempt to reduce cybercrime, a report from SurfWatch Labs, a security consultancy firm, provided an overview of the types of resources cybercriminals use to target their victims.
Banks Not Helping the Situation
Sweeney states, though, that it is a result of banks’ slowness that is also hindering the situation.
When banks issue card companies with measures designed to help with fraud, the card companies don’t always implement them in a fast turnaround time. According to Bdaily, it can often take them ten years to do so while Sweeney adds that these measures can then become outdated within six months.
Of course, with the help of the recent investment funding round, this money will help greatly to tackle the problem of fraud, which so many organizations become a target of.
At the end of the day, though, Ravelin aims to become a ‘significant player’ in the U.K. tech scene through the production of AI algorithms and machine learning.
We’re able to process large amounts of data and get really fantastic results. We’ll be the number one go in terms of all payments and fraud protection within two years, that’s our goal.
Featured image from Shutterstock.