Unfraud, artificial intelligence against online frauds
Armando Monaco, CEO
Vincenzo Paduano, CTO
Andrea Puzo, CFO
UnFraud is an AI software based conceived to fight against e-commerce frauds.
TIM #Wcap Accelerator Roma
Algorithms operating like human brain and learning from experience.
“We are friends from childhood, grown in Ariano Irpino, in the province of Avellino”.
Armando has voice full of energy.
“Thanks to TIM #WCAP we rushed into things and developed a new product ready for the market. Moreover, TIM Ventures has just invested in us.”
Unfraud has developed a software that mimics human brain processes based on AI and on bio-tech algorithms used in oncology for the cell researches. The software establishes dynamic behavioral models, discerns them and reports them to the system, in order to prevent frauds and reduce the risk by 50%.
The e-commerce market is steadily growing, Italy is not at the top world-wide but is gaining ground. The more e-commerce, the more online frauds; for this reason the market for detecting frauds software is developing rapidly. It’s a market with an estimated value of $4bn, with an annual increase by 15%. In Italy, 60 millions euros with a planned increase to 109 millions in 2018.
“After high school, I moved to Rome, Vincenzo to Naples and Andrea to Milan. Today we all live in Rome. The first brainstorming sessions took place in a bar of our town, called “L’Incontro”."
Nothing could have been more providential.
“Unfraud was born of a common necessity. A friend of us had been victim of online fraud and for this reason he had to bear additional expenditures, losing all commercial value of the product he sold. Since then, we decided to study the fraud detection systems and their business.”
Armando worked as consultant and Vincenzo worked as researcher at the National Council for Research, they are both engineers. Andrea studied Economics and he worked as country manager for the startup Rocket Internet. Today they are all focuded on Unfraud.
“We knew TIM #Wcap and its success stories, like Pedius. The Digital Innovation Year helped us from a logistic and point of view and allowed us to deepen our background knowledge. At the end of the acceleration, they kept in supporting us thanks to Telecom Italia. Indeed, we are working closely with corporate business units and TIM #Wcap is supporting us in the marketing plan too.”
Unfraud has a competitive advantage: it doesn’t use the usual anti-fraud measures, i.e. strict rules slightly obtuse (like those that block access to all Nigerian users if the fraud has been detected in those areas); it is a technology based on proprietary algorithms used in the disciplines of Artificial Intelligence which control simultaneously about 200 variables for an individual transaction. Those variables include technical data (device ID), economic data (products purchased), geographical data (delivery address), Moreover, it is coming soon a feature monitoring also the behaviour of potential fraudster on the social networks on the Internet. If Unfraud grows, the numbers of frauds will be decrease.
And there’s more. TIM Ventures, the Corporate Venture Capital of Telecom Italia, has invested 100.000 euros in Unfraud, in order to allow the team bringing forth its mission, that is to make the online business more profitable for the merchant and safe for the purchasers aiming at enter in the international market.
A great challenge for Armando, Vincenzo and Andrea, a skilled team with enthusiasm, tenacity, and passion. The right features to lead Unfraud in global markets.