eBay aims to stop fraud with help of newly acquired Israeli Fraud Sciences
Posted on January 29, 2008 • By Miriam Schwab
Category: Technology View Comments
In October, we reported about a smallish Israeli company poised to take on the evil world of online purchasing fraud. That company was Fraud Sciences, and now that baby’s all grown up and acquired by eBay/PayPal for $169 million in cash. Sniff.
Fraud Sciences was founded four years ago by two former members of the Israel Defense Force intelligence unit (of course!). Prior to this acquisition, the company raised $15 million in funding from Israel’s BRM Capital Advisors and Redpoint Ventures in Menlo Park, Calif.
The acquisition of Fraud Sciences fits into eBay’s recently announced plans to significantly improve trust and safety across its sites in 2008. “Integrating Fraud Sciences’ risk tools with PayPal’s sophisticated fraud management system should allow us to be even more effective in protecting eBay and PayPal’s hundreds of millions of customers around the world,” said Scott Thompson, President of PayPal.
And they all lived happily ever after (including us thanks to our shiny new link from TechCrunch about our original story.)
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