Scamnetic, a trailblazer in the RegTech industry, has successfully closed a major funding round.
This round marks a significant milestone for the company, which specialises in leveraging advanced artificial intelligence to protect users against a wide spectrum of digital scams.
The recent funding initiative attracted a variety of prestigious investors, eager to support Scamnetic’s innovative approach to fraud prevention. The exact amount raised has not been disclosed, but sources confirm it is substantial, underscoring the market’s confidence in Scamnetic’s technology and its potential to reshape scam detection.
Scamnetic operates at the forefront of the RegTech sector, providing an AI-driven solution designed to detect and prevent scams in real time. Their technology suite includes features like Scan&Score, which scans emails, texts, and even physical mail for risks, and IDeveryone™, a robust identity verification system. These tools are critical in a landscape where digital threats are becoming increasingly sophisticated.
The influx of capital will be utilised to further enhance Scamnetic’s AI capabilities and expand their market reach. The company plans to introduce its technology into more enterprise platforms, allowing more service providers to protect their consumers effectively.
Additional information highlighted includes Scamnetic’s commitment to ongoing innovation in scam detection, which is crucial given the escalating severity and frequency of digital fraud. The company also plans to launch a direct-to-consumer subscription service soon, broadening its impact.
Scamnetic CEO Al Pascual highlighted the urgency of their mission. “Consumers worldwide are experiencing record losses, with an alarming year-over-year increase. Scammers are leveraging artificial intelligence to carry out sophisticated criminal activities that evade human detection.
“The industry has responded with educational efforts, warning customers to ‘watch out for this’ or ‘we will never ask you for that,’ and cautioning against clicking suspicious links. Unfortunately, these measures are insufficient. While bad actors employ advanced AI tactics, the good actors rely on basic education. It’s a David versus Goliath battle, and the time to fight back has arrived.”
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
