Innovator of Frictionless User Verification and Account Security Adds Former Paypal Executive to its Advisory Board
PALO ALTO, Calif., June 26, 2023 /PRNewswire-PRWeb/ -- Today, Incognia, the innovator in location identity solutions, is announcing explosive growth led by demand for its technology that delivers frictionless account security and prevents account takeovers and fraud. The company has experienced a 324% increase in revenue year-over-year and has secured more than 200 million devices to date. The growth includes momentum across key industries, with a 400% boost in food delivery platforms and a 200% growth in iGaming. The news comes on the heels of the launch of Incognia's integrated geolocation compliance and account security solution for the U.S. gaming market that ensures state-specific geofencing requirements, prevents wagering outside of state lines, and captures every legitimate transaction.
"This is a pivotal time for Incognia as more businesses recognize the power of location identity solutions for preventing fraud while enhancing the user experience," said André Ferraz, CEO and Founder of Incognia. "We've known this day was coming and that Incognia is the one to deliver on the future of user verification across industries. Now more than ever, it is imperative that new methods are deployed for protecting accounts, data, and users."
Recent data from the Federal Trade Commission shows that consumers lost nearly $8.8 billion to fraud last year - up more than 30% over the previous year. Moreover, losses from account takeovers totaled $11.4B in 2021 alone. One potential reason for this is that modern fraud prevention tools like fingerprint solutions are no longer as effective at preventing fraud. To help combat this, Incognia's innovative Location Fingerprint solution combines proprietary device fingerprinting and location technology, and as a result, the recognition signal is more persistent than other solutions on the market and allows businesses to proactively track behavior, prevent fraud, and protect accounts without the need for manual investigations. Ultimately, this offers a more efficient and effective approach to combating fraud, saving resources and valuable time while removing friction from the user experience.
"Incognia's geolocation solution has become an essential element of our Trust & Safety strategy," said Justyn Harriman, Lead, Engineering for Trust & Safety and Verification at NextDoor. "Location identity supports our mission of providing users with a seamless experience - and the Incognia team's dedication to innovation and next-level support makes them a standout among vendors in trust & safety."
Incognia has grown its international team by 115% to address demand and is composed of executives from leading fraud and digital identity companies, including Kount, AuthenticID, LexisNexis® ThreatMetrix®, Arkose Labs, and Symantec. The company recently appointed Arthi Rajan, Chief Product Officer of NationsBenefits and a 16-year veteran of Fraud & Risk at Paypal, as an independent board member.
"As a seasoned fraud fighter, Arthi has a proven track record of successfully developing and implementing security products that have transformed ecosystems. Her experience, knowledge, and connections are an invaluable asset to our team as we look for ways to evolve our product and grow our business," added Ferraz.
Founded in 2020, Incognia has secured more than $15MM in funding and is used by global companies across food delivery, iGaming, social media, financial services, and marketplace industries. For more information, visit https://www.incognia.com.
About Incognia
Incognia is the innovator in location identity solutions that deliver cutting-edge user verification and account security across the digital journey. Leveraging over a decade of expertise in location technology, Incognia's novel approach enables frictionless experiences using device intelligence and the most precise location data available. Incognia enables customizable risk analysis and actionable insights from day one that empower consumer businesses to prevent fraud, protect users and build customer trust. For more information, visit https://www.incognia.com/.
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SOURCE Incognia
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