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Fraudsciences Corp., a Palo Alto, Calif. based startup, has taken $11 million in a second round of funding to develop software that prevents fraudulent credit card purchases.
The software actively tracks online buyers as they go about purchasing products, in an attempt to tell if they are using stolen credit card information. The company claims its product can make overseas transactions, among others, more secure. A money-back guarantee to retailers in case of fraud-related charge backs is part of the package.
The lead investor was Redpoint Ventures. Previous investor BRM Capital, which is based in Tel Aviv, Israel, also participated.