Fraugster, a German-Israeli deep-tech company, is aiming for leadership in AI based fraud prevention by giving access to their AI platform to third parties to bundle the best of breed in the ecosystem.
The company is opening its leading AI platform for genuine digital fraud management for all payment methods. The market leading AI solution includes a “risk free” product together with the global re-insurance giant Munich Re.
Fraugster is on a mission to unite the payment and cyber security industry by giving third parties access to their AI platform. This platform will bundle the best of breed within the ecosystem and allow world class technology vendors to join forces across domains, from fraud protection to biometrics, behavioural intelligence to identity verification, and payments.
Online fraud is growing at twice the rate of e-commerce. The impact of online fraud in 2021 will exceed the combined GDP of Austria and Switzerland. That is more than $1trillion. No single player, no matter how big or well-funded, can protect the industry from cyber criminals who learn fast and have easy access to the technology they need to defraud good customers and merchants.
Max Laemmle, Co-Founder Fraugster: “We need all hands on deck to control the massive value loss caused by online fraud. The only way we will be able to stem this massive value loss is by pooling resources, IP and technology within the cybersecurity industry.” This comes at a time when global ecommerce is continuing to boom, a development which has been strongly accelerated by the Covid-19 pandemic.
In pursuit of this mission Fraugster is not only investing further in its AI platform, but also strengthening its senior leadership team.
Christian Mangold is joining as Co-CEO. Christian has a long track record in the European payment scene. His career involves the trade sale of SOFORT to Klarna and consecutive executive positions in the growth story of today’s most valuable European tech company.
Christian Mangold, Co-CEO Fraugster: “I’ve been accompanying the journey of Fraugster since the early days in 2015 and was always impressed by the quality of their tech and products. Now Fraugster is getting ready for the next level of growth, and I am more than proud to be part of. We will play an essential role in the digital ecosystem by mitigating the impact of fraud, adding trust in transactions and increasing revenue as conversion for our partners. I am looking forward to working closely together with both founders and everyone else at Fraugster.”
Furthermore, Fraugster has also attracted former Wayfair director Christian Niemetz as CFO and further significant hires in R&D, Sales and Operations.
Christian Nagel, Co-founder and Partner at Earlybird Venture Capital: “Fraugster is well on track to become a global leader in fraud protection and payment security. Based on their scientific approach, AI Engine, and dedication to customer experience, I am confident that we will chart a tremendous growth story with Fraugster.”
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