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Korea’s TOP100 winner eyes a fraud free future for the e-commerce industry

Lizuna’s ambition is to prevent account takeover fraud and provide safer online transactions

Already stoked for Echelon? Grab tickets here! Starter tickets are only 10 bucks.

TOP100 in Seoul, Korea was a resounding success! The competition was fierce and a new startup, Lizuna, was crowned as the Judges Choice winner.

Lizuna will get to enjoy the following treats in e27’s Echelon Asia Summit 2019:

  • A free exhibition booth space in the TOP100 Zone at Echelon
  • A pitching slot on the TOP100 stage on day one of Echelon
  • Intimate investor meetings and inclusion to Corporate business matching
  • Five starter tickets to Echelon Asia Summit
  • Access to the TOP100 Tour in Singapore

Now, here’s more on the winning startup: Lizuna

Not too long ago, in 2016, a staggering amount — US$7 billion — was lost to e-commerce fraud in the US alone. And the bad news is that this figure is only expected to quadruple by 2020.

What makes matters worse are the lacklustre fraud solutions of today. They are expensive, confusing and have a lot of friction for users.

That’s where Lizuna comes in. It serves to help e-commerce businesses detect and prevent fraudulent orders via Beacon, its product that it launched back in April 2018.

Beacon is decked out with sophisticated technology that combines elements of Big Data and SMS to deliver false information detection, curation of mobile data points and fine-tuning. Its unique machine learning technology also continues to adapt and evolve, assisting merchants with better efficiency and accuracy.

So far, Beacon’s success in preventing account takeover fraud is above 90 per cent and it has managed to amass 130 merchants and more than 20,000 transactions. In fact, just two months back, it managed to score an Orange Fab partnership.

Founded by Jason Sio, the company plans to continue tapping on the US$300 billion US e-commerce market and give merchants the power to asses each transaction more carefully with raw data.

Congratulations Lizuna, and here’s to a safer, fraud-less future!

Also Read: This Echelon Asia Summit 2019 tickets giveaway will make you feel nostalgic

Six other startups managed to qualify for a discounted booth at Echelon. Here they are:

  • WeavAir
  • ILLIO
  • IDEACONCERT Co. Ltd
  • Toy’s Myth
  • Unidocs Inc
  • Fastpong

They will get to enjoy the same sweet-deals as listed above, should they join us at Echelon’s TOP100 stage.

That’s all for now, keep a look out for other Echelon news!

Also Read: Our TOP100 Taiwan champion says let’s bring chatbots to real estate!

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