Accertify, a company that provides credit card fraud-prevention services to e-retailers, has received funding from Intel Capital, chipmaker Intel’s investment unit. Accertify did not disclose the amount.
Accertify says it will use the funds for marketing and to expand its customer base. Accertify’s Interceptas product is an online payments risk-management application.
“E-commerce fraud costs U.S. retailers billions of dollars every year and the losses are growing by double-digit percentages,” says Sean Cunningham, director, strategic investments, Intel Capital. “Our investment will help Accertify deliver the Interceptas platform to a global market base and improve the opportunity for Accertify customers to reduce the cost of online fraud.”
Accertifty was launched last year by executives from online travel company Orbitz. Interceptas builds on the fraud-prevention technology they developed at Orbitz.
The investment by Intel is one of eight that the venture capital unit announced recently totaling $60 million. Some of the others include: India-based Vriti Infocom (online education); Czech Republic-based Internet Mall (online retail) and Veoh Networks (online videos). Intel Capital invested about $639 million in 166 deals last year.