Sift Science raises million to predict and prevent fraud everywhere online

To predict and prevent fraud online even more quickly than cybercriminals adopt new tactics, Sift Science has raised $30 million in a Series C round of venture funding in a round led by Insight Venture Partners.According to the U.S. Internet Crime Complaint Center (IC3) 2015 annual report, reported internet crimes alone, ranging from personal and corporate data breaches to credit card fraud, phishing and identity, theft cost victims $1.07 billion. The financial losses to U.S. businesses as a result of such crimes go well beyond what is reported to IC3, of course. Certain types of sites and apps are under more frequent attacks than others, with digital gift card businesses, money transfer services and on-demand marketplaces rampant with fraud attempts. Sift Science uses machine learning and artificial intelligence to automatically…


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