It has been a busy two weeks for antifraud technology provider Incognia. Two weeks ago the Palo Alto, Calif.-based company announced it had raised $15.5 million in a Series A funding round. This week, the company launched its new location identity fraud detection module for mobile apps on Monday and on Tuesday received a Customer Choice Award for Best Antifraud Mobile solution in the 2022 CNP Awards.
In its statement announcing the funding round, the company noted the staggering recent increases in account-based fraud (109 percent increase in new account fraud attacks and 90 percent increase in losses from account takeover fraud in 2021). It’s solution runs behind the scenes on mobile apps using a device’s location signals and motion sensors to establish a user’s identity.
“Identity assurance on mobile is of the utmost importance in protecting user accounts against increasing fraud,” said Adam Carson, Partner at Point72 Ventures, which led the funding round. “As mobile apps take over the world, reducing fraud and improving customer authentication experiences should be the top priority for all major fintech companies and any mobile-first businesses that deal with money.”