Our Investment in Account Security and Fraud Prevention for Developers, Teams, and Enterprises – Castle Intelligence, Inc. Automates Account Security and Threat Response

By Brent MacDonald – Partner at Rising Tide


Castle stops account-related attacks, including automated account takeover, manual phishing, and registration misuse. Hundreds of millions of user accounts are protected by Castle

Nowadays, a password is required for practically all of the things we do online or on our phones. The majority of individuals reuse passwords, or even worse, use something that is simple to guess because we all have so many passwords to remember. According to research in 2022 by Digital Shadows, over fifteen billion stolen account credentials are available on various criminal marketplaces, including the dark web. Nearly 42 Million Americans were victims of identity fraud in 2021, costing consumers $52 Billion in total losses, according to a report co-sponsored by AARP or the American Association of Retired People. The individual cost of identity fraud also grew in 2021, with the average per-victim loss from traditional identity fraud rising by $201, to $1,551. According to the study, victims spent an average of nine hours resolving their identity fraud issues. These identities are frequently used by fraudsters to sign up for services where financial fraud is subsequently carried out.  The social security numbers of victims are combined with made-up names, addresses, and dates of birth. These fictitious identities are sometimes exploited for years to establish a good reputation before being used to perpetrate fraud. Additionally, rather than computer bots, most websites prefer that real people use their services. However, since software operates more swiftly than a human, fraudsters frequently use bots to carry out large-scale fraud. Additionally, the SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (CFTC) warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets. 

Castle is a real-time rules engine designed to manage fraud and risk across all touchpoints, including onboarding, login, payment, and content-sharing experiences. The platform is designed with engineering teams in mind, offering advanced analytics and real-time decision-making capabilities in an API-first approach, yet with an intuitive and powerful user interface.

Complementary to the rule’s engine, Castle provides advanced analytics capabilities purpose-built for risk teams of any size, making it easy for them to identify sophisticated threats and act with just a few clicks. The platform's decisioning capabilities allow users to execute complex logic identified through the analytics in real-time, blocking bad activity before it happens, without the need for seeking expert knowledge from the engineering or data teams.

Most online businesses struggle to piece together solutions to fend off fraud, abuse, and spam, and to stay compliant, even in their early days. Customers of Castle, often developers, discover them early in their process as they realize the flexibility and advanced features provide a credible alternative to maintaining in-house logic. As their fraud and risk operations grow, Castle can support them as they scale without outgrowing the platform.

To help developers assess the service quickly, Castle offers a free trial of its platform so customers can try it out and see if it meets the needs of their teams. Additionally, Castle's documentation and pricing are transparent, providing customers with the information they need to make informed decisions about whether the platform is right for them.

In conclusion, Castle's platform is a powerful solution for managing risk and preventing fraudulent activity across all touchpoints. Whether you are a small startup or a large enterprise, Castle's solutions can scale with your needs, providing the advanced features and capabilities necessary to prevent fraudulent activity and protect your organization.

Why we are excited. 

The majority of online fraud occurs during a transaction which is when a user attempts to buy something or move money. The problem is massive, with 2021 financial crime losses in the US estimated at $700+ Billion. In isolation, looking at a transaction and determining if it should be allowed, challenged, or denied is difficult. Also, financial services companies must report suspicious activity in order to comply with banking regulations. Today's forward-thinking online enterprises, including digital asset companies, depend on Castle to protect their clients and themselves. Atlassian, YNAB, EBANX, Rent the Runway, Yieldstreet, Wonolo, GoTo, GILT, and DailyPay are a few examples. Castle has raised $9.2 Million in Series A funding bringing total funding to $11.6 Million. Rising Tide is pleased to have been an early investor in this new type of Account security and fraud prevention company, having made its first initial investment in Castle Intelligence, Inc. in July 2016.