FUGU

growth-positive

Munich Re, the largest reinsurer in the world, will insure the algorithm of Israeli startup FUGU, which is developing a system to detect fraud in e-commerce transactions. The deal is seen as growth-positive for Munich Re. FUGUs solution aims to tackle complex e-commerce frauds, helping merchants avoid overblocking normal transactions. Munich Res involvement in insuring FUGUs algorithm allows the startup to have growth potential by mitigating the risks associated with AI and fraud detection.

growth-positive

Israeli startup FUGU has completed a seed round of approximately $600,000 led by an international venture fund and private investors. FUGU uses machine learning technology to help online businesses identify fraudulent payments at the post-purchase stage. The company provides continuous and up-to-date information on transaction risks, allowing businesses to make decisions such as cancellation before shipment. FUGU aims to protect merchants from fraud committed by cardholders abusing consumer protection regulations. The increase in online payments and e-commerce during the Covid-19 era has raised concerns about fraudulent transactions. FUGUs solution is available for installation on platforms like Shopify and Magento, with customers in the U.S and Israel.