NS8 raises USD 123 mln in funding round to thwart ecommerce fraud with behavioural analytics

Friday 12 June 2020 13:48 CET | News

US-based fraud prevention platform NS8 has raised USD 123 million in a funding round to prevent ecommerce fraud by using behavioural analytics.

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. 

Furthermore, through the NS8 dashboard, merchants can set their own trustworthiness ‘score range’, which may determine whether a shopper is asked to provide additional verification, or their order is held for manual review or denied outright, Venture Beat reported.

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Keywords: NS8, US, Lightspeed Venture Partners, AXA Venture Partners, ecommerce, behavioural analytics, device fingerprinting, real-time scoring, fraudulent activity, third-party shopping platforms, Shopify, Magento, BigCommerce, card processing, merchants, trustworthiness score, chargebacks
Categories: Payments & Commerce
Countries: United States
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