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Microsoft's M12 fund invests in payments fraud specialist nsKnox

Microsoft's M12 fund invests in payments fraud specialist nsKnox

NsKnox, a startup offering companies real-time payments fraud protection, has raised $15 million in a Series A funding round led by Microsoft's venture fund and Viola Ventures and joined by Israel Discount Bank.

According to a recent Association for Financial Professionals report, more than three quarters of companies were victims of payment fraud in 2017.

Israel and Boston-based nsKnox's answer is a real-time corporate payment protection platform designed to defend users against cyber-fraud, internal fraud, social engineering and data manipulation attempts throughout the journey of the payment.

The technology allows organisations to validate payment authenticity, verify sender and receiver, and identify and prevent manipulations.

The startup says it is "forging partnerships" with top financial institutions around the world and will use the new funding to push its go-to-market strategy.

Nir Tenzer, CEO, nsKnox, says: "Businesses are so focused on protecting their data and the identity of their users that they are not doing enough to protect the very lifeblood of their organization — their money.

"nsKnox is bringing corporate payment protection into the digital age, arming companies in the battle against payment fraud, manipulation and cybercrime."

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