Key facts
- Apate.ai deploys AI agents to engage with scammers and gather intelligence.
- The startup's customers include Commonwealth Bank of Australia and TPG Telecom.
- Apate has raised nearly $10 million in total funding.
- The company plans to use its latest funding for product development and international expansion.
Apate.ai, an Australian startup founded in 2024, is deploying thousands of AI agents to intentionally engage with scammers and gather intelligence. These agents pose as potential victims, responding to scam calls, emails, and messages to collect information about fraudsters' methods, bank accounts, crypto wallets, and malicious websites. The company aims to provide this intelligence to its customers, including banks, telecom companies, government agencies, and utilities, to help them enhance their anti-fraud measures.
The inspiration for Apate came from founder Dali Kaafar's experience of engaging a scammer for 44 minutes, realizing that time could be used to learn about scam operations. This led to research at Macquarie University, utilizing machine learning and natural language processing to develop better scam detection and prevention methods.
Apate's AI agents have reportedly wasted 17 years of scammers' time across 2.5 million conversations. Customers like TPG Telecom have diverted nearly 590,000 calls to Apate's agents, and Commonwealth Bank of Australia has seen a 76% drop in reported scam losses. The company has raised nearly $10 million in total funding, including an $8.15 million seed round in August, which it plans to use for product development and international expansion.