TAMPA, Fla.--(BUSINESS WIRE)--Scamnetic, a company dedicated to protecting individuals and businesses from digital threats using advanced AI technology, today launched its AI-based scam-detection solution. The Scamnetic application helps consumers detect every type of scam including deepfake video and audio across any channel in real time, removing human error from the process. Scamnetic’s patented AI technology can easily be integrated into enterprise platforms, allowing service providers to be stewards of consumer safety.
Scamnetic provides the only holistic scam-detection solution in the market, combating every current scam. Scamnetic includes:
- Scan&Score™ automatically scans email and text messages, along with QR codes, links, physical mail and images to understand the risk from any incoming communication.
- IDeveryone™ verifies the identity of any counterparty using advanced but easy-to-use technology, enabling users to know exactly with whom they interact whether by video, audio or text. It combats dating scams, Facebook marketing scams, crypto scams, land investment scams and more.
- Scam intervention™: Scamnetic experts work tirelessly to restore assets and peace of mind for scam victims. Scamnetic offers 24/7 support, helping consumers who may be in the throes of a scam, guiding victims to recovery and helping them reclaim control over their digital life.
In addition to the anguish that scam victims experience, the financial cost of scams is staggering. For example:
- Consumers reported losing more than $10 billion to fraud in 2023, according to the U.S. Federal Trade Commission.
- In 2023, fraud scams and bank fraud schemes totaled $485.6 billion in projected losses globally, according to the Nasdaq 2024 Global Financial Crime Report.
- There was a 22% year-over-year growth in U.S. consumer scam losses in 2023, according to the Federal Bureau of Investigation Internet Crime Report 2023.
“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,” said Scamnetic CEO Al Pascual.
“Scamnetic is at the forefront of using artificial intelligence to empower consumers and businesses to detect and prevent scams effectively. Our mission is to safeguard digital interactions worldwide, ensuring peace of mind in an era of increasing digital fraud. Globally, businesses and consumers are so far behind the bad actors regarding protection, threat detection and the ability to combat these crimes quickly. With the release of our product, we are now on a level playing field with scammers; as they develop new tactics, so will we,” said Scamnetic co-founder John Evans.
Scamnetic customers and cybersecurity experts appreciate the importance and timeliness of Scamnetic’s launch and solution:
- “I've spent my career developing global industry frameworks to prevent malicious cyberattacks and fraud; Scamnetic is a necessary safeguard to protect our loved ones,” said Troy Leach, cybersecurity executive.
- “If this product were available earlier, it would have cut down on the number of cases we saw by 85% or 90%,” said Matt O'Neill, former deputy special agent in charge - cyber, U.S. Secret Service.
- “Scamnetic’s solution is so timely, as scams are among the top challenges for financial institutions globally,” said Donna Turner, former chief operating officer, Early Warning Services/Zelle.
- “One of the greatest threats we see in the fight against identity theft is the growing trend of digital scams. Adding Scamnetic to our core product removes the guessing game for our customers and gives them the real-time scam prevention expertise they need in just a click,” said Serge Rivest, CEO, Sigma Loyalty Group.
- “The most concerning fraud threat for financial institutions in this era is that of authorized payment scams. Realizing a new method to address these scam types and engaging the victim in ‘curing’ the case is a massive step forward in deploying a sustainable practice and realizing a win-win outcome for all stakeholders,” said Seth Ruden, director of global advisory, BioCatch.
Scamnetic’s patent pending technology was designed to avoid the limitations of competing solutions and deliver the best possible experience for users. Scamnetic features include:
- There is no maximum character limit: The decision-tree AI isn’t slowed by long messages as it is designed to deliver the fastest result possible while maintaining accuracy.
- All types of data are analyzed: Beyond the language itself, links, images, attachments, and even QR codes are assessed for risk.
- Recommendations are highly tailored: Users can handle any situation based on the Indicators of Deception™ discovered and the overall risk level.
- Explainability is built in: Users are provided insight into the factors used to render a score to increase trust and motivate right action.
- Everything is scored: Scamnetic always delivers results on a scale of one to four, so that users are never left to make a decision on their own.
- Automation is key: Integrated automation capabilities eliminate human error, allow the system to capture data without any alteration by native applications and create immediate value.
- Outbound communications are also protected: IDeveryone enables users to determine if those they are contacting are legitimate, providing 360-degree protection.
Scamnetic’s business model is B2B2C, and it will launch a direct-to-consumer subscription service in the coming months. Scamnetic can co-brand or provide API integration in any enterprise platform or product, making its customers’ goals to protect their consumers and/or employees easily achievable.
About Scamnetic
Scamnetic is dedicated to protecting individuals and businesses from digital threats using advanced AI technology. Its mission is to make digital interactions safe and secure, providing peace of mind in an increasingly complex digital world. Scamnetic investors include Ruxton Ventures, Roo Capital, SaaS Ventures, Ori Eisen, Ken Levine and other angel investors. For more information visit https://scamnetic.com/.
