Allure Security, an AI-powered brand protection services, has raised $10 million in a Series A funding round led by fintech firm Curql, alongside investment from Datatec's Jens Montanana and others, signaling a strong commitment to enhancing online brand safety.
Allure Security's latest funding round comes amidst an alarming rise in online fraud, with a noted double in financial institution impersonations and a 43% increase in brand impersonation scams early in 2024.
The surge shows the growing challenge companies face in protecting their digital presence. Allure Security leverages a substantial proprietary data set to identify trends and threats, contributing valuable insights into the escalating issue of online scams.
CEO Josh Shaul commented on the limitations of traditional security measures;
"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," Shaul stated.
The recent investment will fuel Allure Security's expansion, particularly in research and development and market reach.
Notably, Allure's approach integrates machine learning, computer vision, and generative AI to scan millions of digital assets daily, enhancing its efficiency in identifying fraudulent impersonations across various platforms.
Nick Evens, President and CEO of Curql Collective opined;
"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," Evens added.
Conclusion
Allure Security stands at the vanguard of combating online brand impersonation through advanced AI technologies. Its patented AI engine outpaces conventional methods in detecting and neutralizing threats, shows its commitment to safeguarding brands and fostering digital trust.
With its latest funding, Allure Security is aimed to scale its operations, offering even more robust protections against the evolving landscape of online fraud.
