Listen to this articleNew startup Konduto is developing a fraud detection service that helps e-commerce merchants spot fraud with buying behavior. This startup uses a different approach to detect the fraud – browsing patterns detect fraudulent behavior, so the fraud detection happens before the users submits the order. Below is an interview with Tom Canabarro, Co-Founder of Konduto.
Q: Tom, tell us something more about Konduto?
A: The idea for Konduto came to Milton and I in early 2013. Milton is a computer engineer with experience in Data Science and Big Data. He worked in an advertising business that ran targeted ads displaying products that people recently looked up online. I’ve always worked with payment gateways and credit card processing, being very close to the merchants.
One day we were talking about e-commerce and how existing fraud tools were inefficient, and he mentioned that in advertising they use people’s behavior all the time to see if someone was more or less likely to buy a product. We started hatching a solution that would watch a person’s behavior on a website and tell the likelyhood they were a fraudster.
We are very centered on the idea that behavior is an indicator of intent. Konduto actually means ‘behavior’ in Esperanto.
Q: How long did it take to put together Konduto? How big is your team at the moment?
A: We spent half of 2013 working on the idea and business model in our spare time. In December we realized that if we didn’t quit our day jobs we wouldn’t get past the “idea stage”. We have a team of 5 now.
Q: What is your main goal at the moment?
A: We just ended our private Beta period with excellent results. Our goal now is to focus on enhancing the product (reporting, new features) and ramping up the sales pipeline.
Q: How do you see future of Konduto?
A: We plan to add a Manual Review team that would do this manual analysis on behalf of the merchants, as many don’t have the resources for a dedicated team of agents.
We want to quickly become the #1 anti-fraud tool in our local market, Brazil. In 2015 we plan to open an office in the US and expand operations abroad.
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