Fraud Experts Launch Silver Tail Systems to Lead the Fight Against Business Logic Abuse
Anti-fraud veterans raise capital to develop next generation
fraud prevention applications
PALO ALTO, CA (Marketwire – April 20, 2009) — Silver Tail Systems, Inc., announced it raised over $2M in Series A financing to lead the fight against business logic abuse. Silver Tail Systems was founded in January, 2008, by Laura Mather, Ph.D. and Mike Eynon, two fraud prevention experts who built anti-fraud and anti-phishing tools at eBay and PayPal.
Today’s sophisticated hacker now targets the legitimate business logic of websites to perpetrate their fraud, including hijack threats, velocity attacks and gaming schemes. Through Eynon and Mather’s experience and proprietary algorithms, they have developed software applications to combat online fraud using new techniques which detect, investigate and disrupt online fraud – unlike anything in use today. “We formed Silver Tail to build the most advanced solution possible in fighting online fraud”, said Mather. “We built the tools we always wished we had.”
Co-Founder and CTO of WhiteHat Security and industry veteran Jeremiah Grossman states: “Business logic abuse on publicly-facing websites has resulted in five, six and seven figure losses at many brand-name Fortune 500 companies. It’s great to see Silver Tail out there to detect and prevent against this rising threat. WhiteHat Security sees these risks to legitimate websites increasing significantly in 2009.”
Silver Tail’s Series A round was closed in September, 2008 and led by Leapfrog Ventures, along with Seraph Group, Startup Capital Ventures and individual investors. Capital raised during this funding enhances the Silver Tail products and helps build out the company.
About Silver Tail Systems
Silver Tail Systems (http://www.silvertailsystems.com) provides next generation fraud prevention to protect against business logic abuse – a rising threat on application logic costing financial institutions hundreds of millions of dollars and significant loss of trust. Silver Tail products use real-time behavior analysis to detect and alert on known threats and new behaviors, then enables the business to disrupt these attacks in real-time. Founded by fraud prevention experts from eBay and PayPal, Silver Tail significantly reduces online fraud losses, protects your institution and increases customer trust.
Silver Tail Systems