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Why SignalFire invested $15 million in Spec, and why online fraud is getting so much worse
As any entrepreneur who’s had the audacity to think they can change the world knows, you’re never successful without a parade of cheerleaders – and capital – behind you all the way. For us, our VC partners at SignalFire have led that cheering squad since the beginning of our journey. And now SignalFire has led our Series A raise of $15 million.
Following our Series A funding announcement last week, SignalFire today published a post explaining why they believe in Spec, detailing the impact of AI-powered fraud threats on companies. SignalFire Partner, Jonathan Lim, described the changing fraud landscape:
- Current fraud defense strategies typically only offer protection against months- or years-old tactics and lack centralized intelligence
- AI-powered fraud tools, which are getting cheaper and are readily available to anyone, allow fraudsters to reverse-engineer the rules-based configurations of fraud defense point solutions, allowing these bad actors to identify vulnerabilities and slip through them
- Analysis of fraudulent behavior and defense upgrades typically happen slowly and require significant engineering commitments
- New attack patterns can operate under the radar for months, siphoning off revenue, and significantly impacting the bottom line
Lam continues on, describing why SignalFire is bullish on our revolutionary platform that captures 100% of the customer journey, allowing teams to distinguish between good customers and bad actors, inserting just the right amount of friction in the CX to build customer trust and still protect the business. And all of this on a no-code platform, helping online ecommerce companies fight fraud without impacting engineering priorities.
“Fraudsters are realizing all of the value of AI, and defenders need a way to make those fraud attacks unprofitable and stop them altogether. They need Spec. That’s why we’re doubling down and leading a $15 million Series A for Spec.”
We again want to thank Jonathan and the SignalFire team for their support, in both capital and expert guidance, as we build this product and further our mission to secure every online customer journey.
You can read more from Jonathan Lim about why SignalFire invested in Spec on their blog.