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Spec Secures $15M Series A Funding, Accelerating Innovation in Fraud Defense

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fraud technology

Every fraud & security team needs to adapt to the ever-evolving fraud landscape (read more about our thoughts on cyclical fraud patterns here), but the truth is that a lot of companies live with fraud, doing their best to simply keep it “manageable”. They may be able to control the definition of “manageable” by reducing manual case review or by raising thresholds for “acceptable” fraud, but fraud tends to overwhelm or elude teams from time to time. It is at this clutch moment that many folks start talking to Spec about our intelligent trust platform.

We’ve heard enterprise fraud and security teams ask for a lot of different things in our customer discussions here at Spec (we wanted these things ourselves when we were online merchants!). The asks don’t always correspond to a particular industry or even company size; rather, they mirror the company’s business goals and teams’ operational needs at that time.

We’ve organized our product suite to mirror the needs of our customers, beginning with our insights tools. Our platform deploys at the network layer to provide instant visibility into every user journey, from beginning to end. We give a treasure trove of new data to our customers, but we’ve heard some folks don’t have the time or the manpower to go swimming in a sea of data. They might not know what they’re looking at even if they did jump in.

 

Spec cuts and packages this information into easily digestible insights for our customers. These insights guide our customers to areas of their online experience where bad actors may be committing fraud or where good visitors may be subjected to unnecessary friction. By uncovering trends in how your visitors are engaging with your digital properties, our platform highlights opportunities to deliver a more secure, frictionless, and powerful customer experience.

We do not simply point out trends to watch and consider our job done. We provide session search tools for our customers to find individual user sessions that may be related to an attack and investigate or “replay” them to see how fraud occurred across multiple devices, days, accounts, etc.

When our customers are ready to combine these insights with automated actions (e.g., sending device id to help train a third party’s risk scoring model), they are ready to move on to the next level of Spec’s platform: automation. Read more about our platform and stay tuned for updates!

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