Startup that uses AI to detect payment fraud raises $5 mn
Fraugster, a German and Israeli startup that has developed Artificial Intelligence (AI) technology to detect payment fraud, has raised $5 million in funding led by European venture investment firm Earlybird. Founded in 2014 by Max Laemmle and Chen Zamir, Fraugster's technology learns from each transaction in real-time and claims to be able to detect fraudulent attacks even before they happen.