AVIEL Intelligence, a UK startup founded by former Google employees, has raised £350,000 in a Pre-Seed round led by Fuel Ventures. This funding aims to tackle the surge of financial scams in the UK, where losses have reached nearly £500M over the past year due to Authorised Push Payment (APP) fraud. The company’s intelligence engine is designed to prevent scams proactively by identifying scam networks before they inflict financial damage.
Key Points
- AVIEL Intelligence has secured £350K in funding to combat rising financial scams in the UK.
- New PSR regulations require financial institutions to reimburse APP fraud victims, shifting liability from consumers.
- The startup’s intelligence engine helps banks and PSPs to block scams in real-time.
- AVIEL employs AI personas to engage with scammers, gaining insights into potential fraud.
- The investment will facilitate growth, product development, and expansion in the UK and internationally.
Why should I read this?
This development is a game-changer in the ongoing battle against financial fraud, especially in the UK, where scams are rampant. If you’re interested in how technology can outsmart scammers and enhance financial security, you’ll want to dive into this article. It’s a ticking clock for those keen on leveraging innovative solutions in cybersecurity!