Startup gets funding to combat mobile billing fraud

June 27, 2017 // By Jean-Pierre Joosting
In a round led by Los Angeles-based venture capital firm, Palisades Venture Capital, BlockFraud Inc., a US-based technology company, has closed $5 million in Series A funding. BlockFraud operates a mobile billing anti-fraud technology company that provides a targeted selection of proprietary anti-fraud software to mobile carriers around the world.

Created to combat several of the most widespread forms of mobile billing fraud currently being perpetrated against consumers around the world, BlockFraud maintains partnerships with many leading mobile carriers. These partnerships currently protect tens of millions of mobile subscribers worldwide against various forms of mobile billing fraud and the $5 million Series A funding will be dedicated to developing new international mobile carrier partnerships to further expand the global reach of BlockFraud's anti-fraud services.

The company is comprised of an international network of mobile billing experts and world-class developers who have created a range of innovative mobile billing fraud solutions.

"Mobile carrier billing fraud is a significant global economic issue and one that not enough people are talking about," says Massimo Cristini, CEO of BlockFraud. "The forms of mobile billing fraud BlockFraud's solutions protect against account for roughly one billion dollars deceptively charged to mobile subscribers annually worldwide. When mobile carriers implement BlockFraud software within their systems, these forms of fraud are rendered obsolete and additionally, BlockFraud alerts mobile carriers to unauthorised auto-subscribing and auto-billing activity which is a huge source of mobile billing fraud in and of itself.


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