NsKnox raises $15m with Microsoft’s aid
Corporate payment provider nsKnox has completed a $15 million Series A funding round led by Viola Ventures and M12, Microsoft’s venture fund, with the participation of Discount Capital, the investment arm of Israel Discount Bank, and previous seed investors.
78% of companies were victims of payment fraud in 2017
The funding will be used to expand nsKnox’s customer base and to further develop its protection platform.
“The evolving nature of cybercrime creates a perpetual challenge for businesses to detect and mitigate fraudulent behaviour, which costs corporations significant amounts of money every year,” says Lior Litwak, principal at M12.
The firm quotes a report by the Association for Financial Professionals, which says that 78% of companies were victims of payment fraud in 2017.
The firm helps defend organisations against cyber-fraud, internal fraud, social engineering and data manipulation attempts, throughout all stages of payment.
The technology allows organisations to validate payment authenticity, verify sender and receiver, and identify and prevent manipulations. The platform utilises nsKnox’s Cooperative Cyber Security (CCS), which combine various systems from several organisations to secure both outbound and inbound payments from fraud.
