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Monday, May 24, 2010

Guardian Analytics raises $9 million as cybercrime rates soar

As cases of cybercrime against US business bankers reach epidemic proportions, California-based banking security firm Guardian Analytics has raised $9 million in funding, led by Sutter Hill Ventures with participation by existing investor Foundation Capital.

Earlier this year, the company announced FraudMap for Business Banking, designed specifically to detect suspicious behavior in the multi-user business-banking environment where fraudsters have recently stolen hundreds of millions of dollars using Man-in-the-Browser attacks and networks of money mules.

The five-year old company achieved record results in 2009, increasing new customer sales by 300% year-over-year and driving a 100% customer renewal rate.

Posted on 05/24