Brand protection solutions provider Allure Security has announced the successful conclusion of a $10 million Series A funding round spearheaded by Curql, a fintech strategic investment firm. This round was supported by existing investors Glasswing Ventures, Zetta Venture Partners, Gutbrain Ventures, and PBJ Capital.
"Waiting to react to reports of fraud and phishing from online impersonations costs financial institutions tens-of-thousands of dollars per incident, inflicts severe reputation damage, and undermines trust in their digital services. Yesterday's defenses are failing; only by using automation and AI for detection and coupling it with the industry's fastest, most effective takedown team can companies get ahead of these threats to stop scams before they strike," said Josh Shaul, CEO, Allure Security.
In a landscape increasingly surrounded by cyber threats, Allure Security's latest data reveals a surge in online brand impersonation attempts, particularly within the financial sector. The company's proprietary dataset exposes a concerning 43% rise in the prevalence of such scams during the initial months of 2024, mirroring a broader trend outlined by the Anti-Phishing Working Group, which labeled 2023 as a peak year for phishing attacks.
Allure Security intends to allocate the raised capital to bolster its research and development division and expand its go-to-market strategy.
Powered by cutting-edge technologies, including machine learning, computer vision, and generative AI, Allure Security sets itself apart by swiftly identifying and neutralizing online brand impersonations across various platforms such as websites, social media channels, and mobile app marketplaces. Leveraging a multi-faceted response methodology encompassing blocklisting, decoy data, and takedown initiatives, the company boasts industry-leading success rates and rapid response times, attributes attributed in part to its elite response team comprised of former U.S. Military Special Forces operatives.
The company's mission is to safeguard brands from the perils of online impersonation, preempting potential harm to consumers and businesses alike. Through its patented AI-powered engine, Allure Security aims to mitigate the lifespan and impact of fraudulent schemes, ensuring a safer digital ecosystem for all.
"Our decision to invest in Allure Security underscores our commitment to not only advancing the fintech landscape but also safeguarding the trust and well-being of credit union members. Allure Security's smart, AI-powered approach is changing the game in fighting online fraud – and that's a core pillar for what credit unions big and small need to stay competitive," said Nick Evens, President and CEO of Curql Collective.
