FingerprintJS Raises $ 32 Million to Help Developers Fight Online Fraud
The most trafficked sites on the web use FingerprintJS’s open source platform to identify fraudulent activity at the source and create personalized solutions to mitigate risk
CHICAGO, November 3, 2021 / PRNewswire / – FingerprintJS, the Open Source Browser Fingerprint Service with the Most Accurate ID Rate on the Web, Has Increased $ 32 million in a Series B financing led by Craft Ventures with participation from existing investors Nexus Venture Partners and Uncorrelated Ventures. FingerprintJS helps developers create the best fraud detection with flexible APIs that can identify scammers even when they try to hide their identity online. The FingerprintJS platform stops fraud without increasing customer friction, accurately identifying 99.5% of returned web browsers in less than 500 milliseconds of processing time. The new funding brings the company’s total funding to date to $ 44 million.
“Online fraudsters are getting more sophisticated at evading detection, while the risk to businesses of takeovers and account breaches has never been higher. Adding additional authentication measures can reduce risk, but at the same time negatively impact the customer experience, slowing conversions and reducing revenue, “mentioned Dan Pinto, co-founder and CEO of FingerprintJS. “FingerprintJS addresses a critical gap in fraud protection by enabling accurate identification of every browser navigating to a website or application, without the cost of increased friction to customers.”
Over the past year, FingerprintJS has seen an increase of over 300% in annual recurring revenue. The company’s rapid growth is attributed to the success of its popular open source browser fingerprint library, which has been downloaded over 14 million times and is used by 12% of the top 500 websites in terms of total traffic. , including eBay, Coinbase, Agoda, and Yahoo. !. Customers can upgrade to FingerprintJS Pro, a cloud-hosted SaaS version of the service that improves identification accuracy using additional client and server-side techniques, combined with the most advanced machine learning and AI tools. advanced available for browser identification.
“The ubiquity of mobile, combined with the growth of cryptocurrencies, online games and payment solutions, means that businesses are more vulnerable than ever to fraud. At the same time, bad actors have become more and more sophisticated, finding new ways to evade detection and bypass protective measures, ”said Arra Malekzadeh, Director, Craft Ventures. “This has created the perfect storm for scammers and their targets. FingerprintsJS has created a way for developers around the world to create the protection businesses need most, without disturbing customers.”
Unlike traditional browser fingerprints, the FingerprintJS platform is not tied to a particular browser or device configuration and can handle browser upgrades and device configuration changes. FingerprintJS technology is used by software engineering teams to solve a wide variety of fraud use cases, including:
Protect login pages from automated attacks and phishing attempts
Provide data to payment processors to detect more fraud
Detection and prevention of account sharing for SaaS and subscription services
Securing cryptocurrency exchanges, a popular target for credit card fraud and brute force attacks
Build paywalls that cannot be bypassed by going incognito, changing IP addresses or clearing your cookies
Prevent malicious users from trolling online communities
Restrict cheaters’ access to online gaming and gambling services
View original content to download multimedia:https://www.prnewswire.com/news-releases/fingerprintjs-raises-32m-to-empower-developers-to-combat-online-fraud-301415570.html