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

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Your fraud problem is actually a data problem

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fraud technology

Data is the foundation for preventing fraud on online platforms, and having access to the right data at the right time can be the difference between a good fraud program and a great one. Patterns of abuse can appear anywhere, and everything is relevant when it comes to stopping fraud.

Unfortunately, fraud always seems to come last, and the top frustration we’ve heard from fraud fighters is how challenging it can be to get just the INTERNAL data they need to make good, timely decisions. Even when they do have access to data, fraud fighters are often stuck with an extremely tedious and manual process, whether it’s running raw queries against random databases or slacking colleagues for reputation reports on each IP address.

Relevant data is likely to be left out or require additional time to pull, but fraud teams are simultaneously being pressured to reduce resolution times with no loss in accuracy. This frustration with the status quo has been a recurring theme of our conversations with merchants over the last few months.

There is an endless array of siloed data sources across any organization, each with important contextual data for understanding fraud and platform abuse. Here’s just a few examples of relevant data spread across different teams:

  • eCommerce – product purchase history, consumer cart size history, cart abandonment, loyalty program status, coupon use, most common user journeys through the website
  • Finance – chargebacks, returns / refunds, disparate payment and payout methods, irregular purchase patterns
  • Security – IP / device reputation scores, credential stuffing attacks, WAF Triggers, DDoS attempts, known botnet participation
  • Identity – authentication attempts, password resets, failed MFA challenges, IP address history, device history, geolocation, user account changes‍

Today, there are masterclasses for leaders on how to navigate internal politics and resourcing just to get the data needed to fight fraud. Breaking down internal silos shouldn’t be a matter of endless campaigning and waiting until after a major attack or breach for prioritization while fraudsters continue to innovate on a daily basis.

At Spec, we took a different approach: silos can’t exist when all the data is available in a single platform and can be accessed whenever you want it. We call this “customer journey-time orchestration.” We created a platform where fraud fighters, trust and safety professionals, chargeback investigators, and even eComm could investigate any transaction and map the correlations between users / devices / etc. on demand. We provide visibility into the entire customer journey for each and every user, as well as all the relevant internal AND external data. All of this is done through our orchestration hub without any engineering effort.

Request a free demo to see our orchestration hub in action!

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