AI-Generated Identity Fraud
Deduce 2021 Wrap-Up
The greatest hits from our 2021-derful mixtape
The greatest hits from our 2021-derful mixtape
Grab your hot cocoa, eggnog and brandy, gingerbread cookies and peppermint bark. It’s time to play back the greatest hits from our 2021-derful mixtape.
From funding news and milestones to an awards list the size of a George R.R. Martin novel, Deduce was all gas and no brakes in 2021. With cybercrime costs forecasted to reach $10.5 trillion globally by 2025, we have no choice but to keep the pedal to the metal.
We couldn’t squeeze everything in here, so this is merely a taste of this year’s hits. Scroll your trackpad/mouse wheel/thumb and enjoy!
“A” summer to remember
After tripling our revenue growth in 2020 and ending the year with a funding announcement, we raised another round this past June. The Series A, led by Foundry Group, helped launch our Deduce Insights product: a “cybersecurity radar” powered by our FAANG-sized data stack that preempts fraudulent activity in Minority Report-like fashion and promptly alerts customers.
The fraud prevention and detection market is expected to hit almost $63 billion by 2028. Bad news for fraudsters; great news for us, our customers, and their users.
This year, we also moved the Deduce HQ from Philadelphia to New York City. Come pay us a visit — we’re missing our Philly cheesesteaks, but the pizza is amazing.
400 million reasons
In October, we crossed a major milestone: more than 400 anonymized profiles in our US Deduce Identity Network.
These profiles, comprising billions of daily online interactions across hundreds of thousands of websites and over one hundred attributes, power our algorithms that shut down fraudsters in real-time.
As Jay-Z once said: “Men lie, women lie, numbers don’t.” These big numbers convey an important message: unparalleled protection against account takeover and account creation fraud, for companies of all sizes, and a Trusted User Experience that wows customers again and again.
Rolling out the red carpet
Our trophy case is piling up, affirming that our customers (and their customers) are enjoying the benefits of real-time fraud protection.
In 2021 we garnered big-time accolades, headlined by an honorable mention in Fast Company’s World Changing Ideas Awards (AI and Data), given to companies “that harness the power of data, machine learning, or artificial intelligence to understand the world and empower change.” We earned praise from The Edison Awards as well, and landed a top-10 spot among finalists in the RSA Innovation Sandbox competition.
Additional 2021 honors include:
- Stratus Awards — Artificial Intelligence
- Fortress Cyber Security Award— Authentication & Identity
- Cyber Security Global Excellence Awards — Silver
- BIG Award for Business Awards — Product of the Year
- Cyber OSPAs—Outstanding New Cyber Security Product
- AI Fintech 100
- Cyber Security Global Excellence Awards
- Global InfoSec Awards’ Publisher’s Choice: Fraud Prevention
- Will Reed — Top 50 Seed-Stage Companies to Work for
Steering the thought leader ship
Deduce founder and CEO Ari Jacoby challenged all aspects of the fraud landscape throughout the year. Forbes, MarketWatch, Yahoo, and more picked his brain for articles covering topics like malicious apps and brokerage account breaches.
Ari’s thoughts on “data poverty” and other industry trends led to a slew of podcast appearances. Secure Ventures, The Identity Brief, Code Story, and Down the Security Rabbithole were only some of the pods that he blessed with in-depth industry knowledge.
Look out for plenty more from Ari (and Deduce CTO Robert Panasiuk) in 2022.
An extraordinary turn of events
’Twas another challenging year for business meetings, but we exhibited at our first live event. Money 20/20 in Las Vegas attracted around 10,000 fintech professionals and the Deduce booth remained busy throughout. We were honored to welcome Silicon Valley Bank CISO and author Nick Shevelyov to a VIP dinner. Nick spoke to the audience about cyber risk and why he was moved to write Cyber War and Peace.
In December, the Merchant Risk Council invited us to present on their Webinar Wednesday program. Special thanks to Wilder Rumpf, founder and CEO of fintech startup and Deduce customer FinTron, who did an amazing job detailing their new customer onboarding pain points and how they will use Deduce Insights to reduce onboarding duration from 48 hours to real time.
Hire power
It’s official: we’re gonna need a bigger boat, er, Zoom room, because we beefed up our executive team!
Robert Panasiuk, previously VP Product at Deduce, was promoted to CTO. The step up was well-earned: Robert spent nearly two years building the Deduce Identity Network — the largest network of its kind in the US, we might add — from scratch, along with our Deduce Insights and Alerts products.
Andy Sheldon, VP Marketing, joins the Deduce team after serving as VP Growth Marketing at Agari, another fraud prevention outfit. Andy previously spearheaded marketing efforts at companies like Microsoft, Sun Microsystems, and Conga.
Adish Kasi, VP Sales, comes to us from Shape Security after the company was acquired by F5 Networks for $1 billion. Adish combines impressive technical expertise with a customer-centric approach, skills he developed earlier in his career at Akamai and NYSE Technologies.
We also added Joe Mielzarek (Solutions Architect), Kishore Kodical (Director of Product), Bill Spinner (Account Executive), and Tim Flocke (Senior Data Scientist) to our anti-fraud squad.
That wraps up the wrap-up. We’ll see you on the other side of 2022, likely with your resolutions hanging on for dear life.
If you’re still compiling your list, here are two resolutions for the road: vary your passwords across websites, and always use the strongest possible password (ideally, one that doesn’t end in “123”).
Happy holidays from the Deduce team!
