Deduce, a U.S. anti-fraud firm, has secured $9 million in Series B funding to combat the misuse of generative AI and large language models for creating synthetic identities. The funding round was led by Freestyle Capital and supported by Foundry and True Ventures.
This substantial investment will enable Deduce to bring its AI digital identity fraud prevention product out of stealth mode and make it available to businesses seeking effective ways to combat fraudulent activities associated with generative AI and large language models on a large scale.
Deduce’s CEO, Ari Jacoby, emphasized the increasing threats to private biometric data and online safety due to the rapid advancements in AI technology. He stated that traditional fraud prevention methods are no longer sufficient to protect against AI-generated fraud. Deduce, based in Philadelphia and founded in 2019, was established with the aim of developing technology that could effectively address this evolving challenge.
Deduce focuses on identifying what it terms “SuperSynthetic identities,” which are AI-generated identities that closely mimic real ones and can deceive legacy fraud solutions. With the rise of deepfakes, fabricated transaction histories, stolen biometrics, and other fraudulent tactics, distinguishing false identities from genuine ones has become extremely challenging.
Deduce’s approach involves evaluating online identities within the context of millions of other identities and across trillions of identity attributes. This allows them to detect sophisticated AI-generated fraud. Their fraud detection methods analyze digital forensics patterns that appear to be generated by AI. These patterns are cross-referenced against the world’s largest purpose-built digital identity graph, which includes 840 million U.S.-based email identities and more than 150,000 websites and apps with activity-backed data.
Deduce’s AI-powered fraud prevention product is accessible through partnerships with Experian, ForgeRock, Auth0, and Ping Identity. The investment from this Series B funding round will support the expansion of their solutions to a broader audience in need of robust protection against AI-driven fraud.
By FCCT Editorial Team
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