Kiwi-founded startup, Authsignal, has announced the successful completion of its NZD$1.5 million(US$ 915,300) seed round to help tackle one of the most expensive and fastest-growing crimes: cyber attacks impacting digital businesses.
Online fraud continues to be on the rise, with a 3x increase in account takeover attacks (ATOs) between 2019 to 2021 [source]. The emergence of cryptocurrencies has also made it easier for cyber criminals to make money fast without interfacing with traditional banking. According to security specialists McAfee, cyber crime is now more lucrative than the entire world’s illicit drug trades combined [source].
Authsignal empowers businesses of all sizes to protect user accounts by enabling them to implement security features faster and simpler than ever before. Teams can observe fraud risk in near-real time, and adjust how they manage this risk via an easy-to-use no code rules engine.
Pre-existing security solutions are fragmented, expensive, and complicated to use. Authsignal provides an out-of-the-box solution allowing businesses to customise and drop Multi-Factor Authentication (MFA) technology into their existing products in a matter of hours, not weeks.
Founder at Authsignal Justin Soong said, “Digital security and safety is a fundamental human right. As we live more of our lives online, platforms need to keep pace with the evolving and adversarial nature of digital crime.
“People’s livelihoods are at stake when digital services do not take proactive steps to ensure their customers’ assets and identities are protected. Authsignal democratises access to bank-grade solutions for any digital platform or service, no matter how big or how small.”
Authsignal is backed by several high-profile investors including Dovetail Capital, Blackbird, technology entrepreneurs such as Cameron Priest (Neu Ventures, Founder of TradeGecko), Justin Hamilton (Founder Clutterbot) and Fraud Ops industry veterans from companies like Uber and Block.