The round was led by private investors Aubrey Strul and Barry Beck, with additional funding through Strul Logistics and Technology. The Series A round enables the startup to drive new business and product innovation, expand its workforce, and meet increasing demand by financial institutions for its multi-patent-pending CVV+ solution.
The CVV+ solution addresses the growing threat of card-not-present (CNP) fraud and the consumer worries it creates. With the advent of EMV chip cards, fraudsters are following the path of least resistance by attacking CNP fraud which includes purchases made online, through mobile devices and over-the-phone.
In the US alone, CNP fraud is anticipated to increase by 68% from 2016 to 2018, according to US Payments Forum. Moreover, according to American Express, nearly half of consumers who shop online report they have been the victim of payment fraud, representing nearly 80 million online shoppers. These statistics are revealed by the company’s official press release.
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