Incognia cites incumbents’ fraud failures as driver of 200% growth spike

Revenues are up 200 percent for Incognia on a year-over-year basis, the company says in an announcement suggesting the surge is part of a transition by businesses away from technologies like device fingerprinting and selfie biometrics in favor of sophisticated new fraud protection methods.

The technologies Incognia uses to protect against fraud include behavioral analytics like location authentication, network and device data analytics and risk scoring.

By number of app downloads, Incognia has risen from seventh in global fraud prevention to second in the past 18 months.

The turn away from incumbent fraud defenses is understandable, Incognia says, given TransUnion has found U.S. businesses lost the equivalent of 9.8 percent of their annual revenue to fraud last year.

In contrast, Incognia says it is keeping its customers in the fold, with a 170 percent net revenue retention. The company claims eight nines in user accuracy rate (99.999999 percent), and says it delivers a tenfold return on investment for its customers.

Incognia’s headcount is also up, but by less than 20 percent, and the company says it used up less than half of its series B capital. The company raised $31 million in that funding round at the beginning of 2024.

Sales cycles are also compacting, with adoption of Incognia’s technology taking 32 percent less time on average, according to the announcement.

“We are witnessing a fundamental displacement of legacy vendors because their technology was built for a different era,” says André Ferraz, CEO and co-founder of Incognia. “The market has realized that you cannot fight modern fraud with digital-only signals that can be reset or replicated — most fraud prevention tools today live entirely in the digital layer, relying on signals that generative AI can now more easily fake.  Organizations are shifting to Incognia because we’ve connected the digital and physical to create the only risk platform that cannot be spoofed at scale, while ensuring companies can recognize users across devices, stop repeat and large-scale fraud, and protect revenue without adding friction for legitimate customers.”

Ferraz says Incognia’s gains have solidified its leadership in the gig economy sector, and the company is now experiencing higher demand from the financial services sector, particularly for real-time payments.

Article Topics

behavioral analysis  |  biometrics  |  financial results  |  fraud prevention  |  Incognia