Allure Security – a leader in online brand protection-as-a-service – announced the completion of a $10 million Series A funding round. Fintech strategic investment capital firm Curql led the round and they were joined by new investor Datatec Founder and CEO Jens Montanana and existing investors Glasswing Ventures, Zetta Venture Partners, Gutbrain Ventures, and PBJ Capital.
Cybercriminals impersonated twice as many financial institutions online to defraud consumers during the first two months of 2024 compared to the same period in 2023. Allure Security’s proprietary data set also reveals a 43% uptick in the frequency of online brand impersonation scams in the same period.
Allure Security will use the funding round to grow its R&D team, expand its go-to-market function, and extend its leadership position, evidenced by an expanding customer base and exceptional retention rates.
Machine learning, computer vision, and GenAI automate the evaluation of tens of millions of digital assets every day, enabling Allure Security to continue outperforming legacy brand protection methods by finding more online brand impersonations closer to initial set-up across websites, social media, and mobile app marketplaces. And Allure Security continues to deliver the highest takedown success rates and fastest times-to-takedown in the industry thanks to its uncompromising, mission-driven response team consisting of former U.S. Military Special Forces members.
KEY QUOTES:
“Waiting to react to reports of fraud and phishing from online impersonations costs financial institutions tens-of-thousands of dollars per incident, inflicts severe reputation damage, and undermines trust in their digital services. Yesterday’s defenses are failing; only by using automation and AI for detection and coupling it with the industry’s fastest, most effective takedown team can companies get ahead of these threats to stop scams before they strike.”
– Allure Security CEO Josh Shaul
“Our decision to invest in Allure Security underscores our commitment to not only advancing the fintech landscape but also safeguarding the trust and well-being of credit union members. Allure Security’s smart, AI-powered approach is changing the game in fighting online fraud – and that’s a core pillar for what credit unions big and small need to stay competitive.”
– Nick Evens, President and CEO of Curql Collective
