Australian startup uses undercover AI agents to gather fraud intelligence
Australian startup Apate.ai is deploying thousands of undercover AI agents to waste scammers' time and gather critical intelligence for banks and institutions.
Australian-based startup Apate.ai is deploying thousands of undercover AI agents to trap scammers and gather critical data for banks and telecommunication companies. The company's AI agents keep scammers busy in an effort to uncover important information such as bank accounts and crypto wallets.
How Undercover Agents Work
Apate.ai deploys thousands of AI agents that act like innocent victims to trap scammers. These agents answer calls, respond to messages, and keep scammers engaged for long periods.
The agents gather valuable intelligence data by getting scammers to disclose critical information such as bank accounts, crypto wallets, and phone numbers.
The Origin Story of the Project
Based on research conducted at Macquarie University in Sydney, the startup was launched after founder Dali Kaafar experienced a real scam call firsthand.
Realizing he had wasted the scammer's time by keeping them on the phone for a long time, Kaafar initiated AI-based efforts to automate this process.
A New Approach to Fighting Fraud
The startup's executives note that the industry typically takes precautions after incidents occur, whereas they reach out directly to the scammer to gather information.
The AI systems developed by the company are powered by both off-the-shelf models and custom models trained on scammer conversations.
Successful Results Achieved
Major institutions such as the Commonwealth Bank of Australia and TPG Telecom are among the startup's clients, and noticeable drops in fraud cases are being experienced.
To date, the company has enabled millions of conversations to waste a total of 17 years of scammers' time.
Investments and Growth Plans
Apate has secured a total of approximately $10 million in funding through seed investments from investors such as Lobby Capital, OIF Ventures, and Investible.
The new financing obtained will be used to accelerate product development, open an office in London, and establish a presence in the United States.