Founder(s): Chen Zamir and Max Laemmle
Business: Helping eCommerce merchants to eliminate fraud and maximize revenues, using proprietary AI technology.
The Fraugster journey began in 2014 with the vision to design and build an anti-fraud technology that could help create a fraud free world – one where no one needs to care about managing risk again. After years of working in the payments industry, the company experienced first-hand the challenges of fraud for e-commerce merchants. The founders, Chen Zamir and Max Laemmle discovered that all existing anti-fraud solutions were built on outdated technologies, and therefore not good enough to deal with sophisticated cyber criminals.
Fraugster is the result of advanced Artificial Intelligence technology which can not only eliminate payment fraud but also maximize revenues. The company has been operating across the globe since 2016 and are currently responsible for tens of billions of dollars for their clients. Products are used and trusted internationally by leading payment companies.
2020 proved to be a year of uncertainty due to the Covid-19 pandemic. Overnight life as many knew it changed. With several clients in the travel industry – this sector came to an absolute stop. Although there have been stops and starts, the industry is still in a recovering phase which should improve by the end of 2021. Fraugster had to shift focus to clients in different sectors.
Effective fraud protection is a balancing act between minimizing the total cost of fraud and maximizing revenues by not blocking good customers. Fraugster provides expert understanding of fraud risk across different verticals, payment methods, and markets – and helps its clients keep ahead of the ever-changing tactics used by fraudsters.
Fraugster has raised several successful funding rounds, achieved keynotes at top industry events and has been shortlisted and won various awards. The company has a strong portfolio of clients in the luxury e-commerce and electronics, travel, marketplaces, insurance, gaming and educational sectors.