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CashShield automates fight against fraud, raises funds to expand in Silicon Valley

Benjamin Cher
Benjamin Cher9/25/2017 08:00 AM GMT+08  • 7 min read
CashShield automates fight against fraud, raises funds to expand in Silicon Valley
(Sept 25): When Justin Lie started a business selling gaming-related accessories and consoles on eBay 20 years ago, the online auction portal was relatively new and only just beginning to go global. “I was around 15 to 16 years old,” Lie says. “It w
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(Sept 25): When Justin Lie started a business selling gaming-related accessories and consoles on eBay 20 years ago, the online auction portal was relatively new and only just beginning to go global. “I was around 15 to 16 years old,” Lie says. “It was a perfect world — no issues with fraud or chargebacks.” The latter happen when credit card issuers return disputed funds to a consumer and ask retailers to pay for it.

But after one or two years in the business, Lie began experiencing difficulties. “There was a surge of keyloggers, interception of PayPal user credentials and stolen credit cards,” he says. Keyloggers are software that surreptitiously record passwords. Banks began asking Lie for money to return to their defrauded customers, which got him thinking about ways to catch such fraud in real time.

Starting with variables he keyed into a spreadsheet, Lie eventually devised a set of algorithms to detect fraud. While at first he used these algorithms for his e-commerce business, he has since decided it would be more worthwhile to sell the software to businesses instead. His solution is already in use at several large enterprises, and he is planning on expanding his company’s presence in the US.

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