Investments

Fraud Detection Platform NS8 Raises $123M In Series A

Fraud detection software platform NS8 has closed a Series A funding round for $123 million, led by Lightspeed Venture Partners, a press release states.

There was also additional funding contributed by AXA Venture Partners.

The company says it has undergone considerable growth, going from 50 to over 200 employees within the past year.

The software utilizes real-time data analytics and real-time scoring to help merchants snuff out fraud and deliver seamless transactions, the press release says. The software aims to protect from order fraud, ad fraud and alerts and abnormalities that might occur on company websites.

The company uses over 170 factors to determine if order fraud is taking place, the press release says, and the sophistication behind the methods allow merchants to continue doing business even while the detection process is ongoing. NS8 looks at advertising campaigns and determines which ones are bots unjustly eating up space and money.

NS8 has also linked up with a number of eCommerce platforms, including Shopify, Magento, PrestaShop, WooCommerce, BigCommerce, and thirty bees, to help detect more kinds of fraud. The funding round will help the company to partner with even more platforms going forward, according to the press release.

Customers using NS8 will be able to see more updates in the coming months, along with new extensions and other capabilities, the company said.

CEO Adam Rogas said the new funding would enable NS8 to “continue to scale to meet the growing demand for fraud prevention technology in the global marketplace. This partnership positions NS8 to empower even more businesses with enterprise-level fraud defenses, regardless of size or industry.”

In addition, the company will also have access to Lightspeed’s network and advisors, which could be valuable due to the company’s rapid recent growth.

Fraud has become prominent during the coronavirus pandemic due to the mass confusion of the time and the lightning-speed shift to eCommerce creating new potential victims. This necessitates that merchants find ways to keep people’s data safe while not driving them away with too much difficulty in using their platforms, PYMNTS reported.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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