According to Venture Beat, the funding round was led by Lightspeed Venture Partners, with participation from AXA Venture Partners. The initiative comes as fraudulent activities, such as chargebacks, surged due to the expansion of ecommerce during the COVID-19 pandemic. Therefore, NS8 uses behavioural analytics, device fingerprinting, and real-time scoring to identify fraudulent activity and establish the authenticity of a transaction.
Moreover, NS8 analyses activities like how quickly a user navigates between pages, whether they use a mouse, and how many times a page is loaded, information that provides clues to the user’s motives or whether the user is in fact a bot. Besides, NS8 integrates with many third-party shopping platforms, including Shopify, Magento, and BigCommerce. However, NS8 can detect fraud across all manner of online transactions, including on the payment gateway ‘card processing’ side.
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