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AI-powered fraud-fighting platform Resistant AI raises $16.6M
Oct 19, 2021 | Venture Beat
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Resistant AI, a startup developing automation technologies that respond to vulnerabilities in financial services, today announced that it raised $16.6 million in a series A funding round from GV (formerly Google Ventures) with participation from Index Ventures, Credo Ventures, and Seedcamp. The Prague, Czech Republic-based company says it’ll use the funding to build out Resistant AI’s product, engineering, and sales operations teams beyond they’re current offices in Prague, London, and New York.

Financial fraud is on the rise as business shifts to digital during the pandemic. For example, according to the Aite Group, 47% of Americans experienced financial identity theft in 2020. TransUnion found that the percentage of suspected financial services digital fraud attempts increased 149% when comparing the last four months of 2020 and the first four months of 2021. And 74% of organizations were targets of payment scams in 2020, AFP reports in a recent survey.

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