E-commerce companies need identity protection solutions to combat fraud

“E-commerce is a large market that is growing, where fraud and security solutions need to be in place. Wherever there is a lot of money, attacks are waiting at the front door. We’re seeing more sophistication to attacks, which require more robust solutions and more automatization in the security solutions today. Businesses want to make transactions, and transactions today are now much larger than they were in the past,” Cyberstarts General Partner Lior Simon told CTech at Calcalist’s E-commerce 360 conference.

“We’re seeing the cloud migration continuing and expanding obviously, but with Covid-19 that expanded more exponentially,” she said, adding that Cyberstarts is also focused on data security, and identity protection after recently investing in Transmit Security.

“We’ve been looking for a solution for identity protection for quite a while, and Transmit had been on our radar. Transmit has a revolutionary solution for identity protection,” she said.

Transmit’s seamless identity management and protection solution is geared for organizations and users. “Their biometric solution is really off the charts, and they have over 100 paying customers, including several of the eight largest financial institutions in North America, and an unbelievable team. They have all the right ingredients to be successful and take off this growing market of $14 billion that is growing by 4% every year.”

Riskified and several other companies are also taking on the fraud sector for e-commerce companies as well, she added, noting that the market will continue to see traction, more solutions being offered, and more automation.

You can watch the full interview in the video above.