Oscilar, a startup which offers an AI-powered platform, has emerged from stealth to protect online transactions.
According to a report from Finextra, the firm is emerging from stealth after two years, having been self-funded by CEO Narkhede and CTO Kulkarni to the tune of $20m.
They have also brought in Karthik Ramasamy, who has led machine learning and fraud teams at Google, Uber, and LinkedIn.
Oscilar’s mission is to help companies expediently make the best-possible decisions around online transactions, protecting consumers’ and companies’ money, freeing up engineering time, and continually getting smarter over time to protect against evolving threats.
In a blog post on the company’s website, Narkhede explained how over the past decade, she has seen an explosion in online transactions, further accelerated during the pandemic. “Today, many of us expect to handle many of the most consequential actions of our lives – applying for a home loan, buying insurance, or completing major purchases – online, instantaneously, and securely.”
This sharp increase in online transactions, Narkhede continued, has resulted in a dramatic increase in risks of all manner: fraud risk, credit risk, insurance risk, and more.
However, most companies’ investments in fraud and risk protection haven’t kept pace with the proliferation of online transactions. Credit and fraud risk now costs companies more than $48bn and consumers $8.8bn annually.
Narkhede added, “Convinced that fraud and risk decisioning technology requires an overhaul, Sachin and I have been working under the radar for the past two years to build a company to address this problem.
“We’ve quietly brought in dozens of engineers with decades of experience from Facebook, Google, Uber, and Confluent who have deep expertise in building highly scalable AI driven data systems. At Oscilar, we’re creating that new foundation for fraud and risk management through an approach we call AI Risk Decisioning.”
Earlier this year, a survey from BR-DGE revealed that consumers are seeking greater security and frictionless payment experiences when buying products online.
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