While tech companies must be watchful of the data entrusted to them, banks and other companies that run financial transactions need to take steps to protect their money as well as their data. Bigger guys often can ask engineers to build fraud-prevention systems, but smaller entities might not have that option. Hence the rise of Easy Solutions, which has taken on plenty of customers across Latin America and is now hungry to get its software installed at companies in the U.S., Europe and Asia.
To help Easy do that, Medina Capital is backing the company with $11 million in Series B funding, bringing the total the company has raised to $14.2 million.
Easy has different kinds of software available to cover customers on multiple fronts. The products can be deployed on premise or in the cloud.
Beyond monitoring online transactions, the company also tracks transactions coming through phones, ATMs and point-of-sale terminals. As individual customers rack up transactions, Easy uses neural networks to paint profiles of behavior against which future transactions are measured. The software can show whether a transaction is potentially fraudulent in less than half a second, said Easy’s CEO, Ricardo Villadiego (pictured).
“We store every transaction that is occurring,” he said. Even though that might seem like a lot of data to manage, whether in customers’ data centers or in the cloud, it’s actually compact — around 280 bytes per account, Villadiego said.
And when Easy hasn’t picked up much user data to assess risk, the software analyzes browsing patterns and other variables that could signify issues, Villadiego said.
Easy software verifies that users are who they say they are with multi-factor authentication. It can also spot and prevent phishing, pharming (directing traffic to a different website), malware installations and other nefarious activities. Altogether, Easy sees competition from RSA and Trusteer.
While safeguarding money is ultimately the main focus for Easy Solutions, it also bolsters security for websites, which is an area that’s received lots of investment recently. In the first quarter of the year, IT security investments from venture capitalists fell hard and fast, in a way not seen in years. Last week Blue Coat Systems acquired Solera Networks, and Skyhigh Networks got $20 million in Series B funding. And now with the Easy funding, it looks more like the investor excitement will stick around for another quarter.