In 2021, the financial cost of fraud worldwide was USD $5.38T, according to The Financial Cost of Fraud 2021 report. In Latin America, 20% of online transactions are rejected due to possible digital fraud.
Customer identity verification remains the biggest challenge, as 44% of fraud was related to the inability of identifying customers, notes the report The True Cost of Fraud in Latin America 2021 by LexisNexis Risk Solutions.
Given this problem, Trully developed software to improve the authentication of KYC (Know Your Customer) systems and prevent identity theft and financial fraud through facial recognition using machine learning to obtain more accurate data. With this technology, companies are able to detect fraud individually and power a system to protect an entire network of companies.
Trully recently raised a USD $4.1M seed round led by Costanoa Ventures. In addition, angel investors such as Pablo Viguera, co-founder and CEO of Belvo, and Juan Pablo Ortega, CEO of Yuno and co-founder of Rappi, also participated.
The startup was founded in Mexico by Fernando González Paulin, CEO and former Chief Data Officer of RappiCard Mexico; Eric Balderrama, COO, who was CISO at RappiCard, and Carl W. Handlin, CTO, who worked as Global Director of Data Science at RappiCard will seek to improve its technology and strengthen operations in Mexico, where it will be recruiting talent in engineering and development.
Trully’s solution is currently in the testing phase with multiple fintech startups.