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AN IRISH COMPANY has been named as one of the hottest global start-ups by Forbes.
Trustev was founded by Pat Phelan and Chris Kennedy and is based in Cork. It works in the area of e-commerce and fraud elimination, and says it works with companies “to smash online fraud and maximise your profits”.
According to Forbes, it verifies the identity of online shoppers by “generating a digital ‘fingerprint’ through various social media accounts which prove you are who you claim to be”.
The company has raised $3 million from investors since it was founded in 2012 and it reduces the possibility of credit card or identity fraud for online retailers.
Tech Crunch reports that the company has just over 60 customers and that it processes on average two million customer transactions a week.
Earlier this year, Trustev was named the EU’s Top Startup by the EU Commission.
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Who needs Trustev when you’ve just won the Nigerian lottery. I can’t even remember buying a ticket!
Great to see an Irish company doing so well. Congratulations to them both!
O goody said the tax man……… Tax. Tax tax the genius.
Fair play Bies!!!
Pity he wasn’t born overseas then it might have a success as he wouldn’t have to pay tax in our fair green isle
You guys are red thumbing me as you think I diss approve of a good man going forward…not true….
I just worry that because he is irish and started a buisness in ireland he will be treated wrongly and disadvantaged cause he is from here
Probably wants to hire staff and inject capital here but will be beat down cause he is not an American corp looking for tax breaks
Please read and evaluate before being so quick with your idle thumb
People are red thumbing you because you’re full of crap. Startups have favourable conditions here, especially tax-wise. And the 12.5% is the same for any company. Negative Nancy
Really….. What tax legis are you reading
A start up cannot have 75 employees on day one so they don’t get same rights as corp coming from US like google, Dell , Microsoft
I actually agree with you completely. Start ups here face serious amounts of taxes and tough start up costs and usually don’t get treated on the same level as say, an American Multinational.
Thanks everyone for the nice comments, hopefully we can live up to expectations :-)
We have grown from an idea to 15 people in Cork and Dublin in a year so in reality thats our coolest metric, plus we have a ton of open roles on the Trustev website.
@johnappleseed
we don’t only use social we have use social as about 15% of our overall decisioning on identity verification, on our internal tests (so far) it would take 800hrs of work by a fraudster to fake a profile to pass our decisioning engine, these guys take the easiest path so they will flow to sites with weaker security.
Congratulations and well done.
So what happens if your Facebook / twitter account is hacked?
Thats a good question.
Yeah or what happens when you’ve created fake social media accounts? I must ask them and see what they say…
Fair play to them
Threats of fraud and criminality have a need for more precautions as with free education the criminals are as educated as the honest population.
Are you saying it’s because of free education that criminals are as educated as they are? And that if it was fully fee paying it would be a way of keeping crime down?… meaning that high tech crime fraud or crime in general is a product of the lower classes?…… wow.
As usual there are a lot of emptyhead comments. Pat Phelan has a GREAT track record as an entrepreneur, and is a great example of pick yourself up, dust yourself off…. If we could bottle this sort of success we’d be fine. In addition this is exactly the sort of development we need, brain based, low capital requirement, exportable….. Unlike the building trade where we seem to be still obsessed.
Great news, and it’s great to see that this company received assistant from the government. Thanks enda
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