AVIEL Intelligence Secures £350,000 to Combat Financial Fraud
As the financial landscape faces unprecedented threats, a game-changing startup is stepping up to combat the rising tide of scams. AVIEL Intelligence, a new player in the tech world, has just emerged from stealth mode with a mission to prevent financial fraud before it wreaks havoc on innocent consumers and institutions alike. Armed with a £350,000 pre-seed investment led by Fuel Ventures and backed by Cambridge Angels and other notable angel investors, AVIEL is set to redefine how banks and payment service providers (PSPs) safeguard their customers against scams.
This innovative startup is leveraging intelligence rather than just analytics to tackle what has been dubbed a “scamdemic” by both government and media outlets.
With their proprietary intelligence engine now live, AVIEL is able to identify scam networks in real-time, empowering PSPs to take immediate action against fraudulent activities. The urgency to enhance fraud prevention has only intensified following recent regulatory changes effective October 2024, which have shifted liability for Authorised Push Payment (APP) fraud from consumers to the financial institutions themselves. This shift makes it critical for PSPs to proactively prevent scams, and AVIEL's technology is here to meet that demand head-on.
The founding team of AVIEL Intelligence consists of ex-Google operators, top intelligence experts, and the former UK director of what3words, creating a powerhouse of expertise in cybersecurity and financial technology. Their unique approach includes the creation of AI personas that engage directly with scammers in digital environments, such as WhatsApp, to extract valuable intelligence. This groundbreaking strategy not only helps banks and PSPs understand how their accounts are being exploited but also positions AVIEL as a critical ally in the fight against fraud. As Mark Pearson, Founder of Fuel Ventures, states, “AVIEL is tackling one of the biggest challenges facing banks and payment service providers today.” With this significant funding, AVIEL Intelligence is primed for rapid growth, focusing on expanding its market reach and continuously enhancing its scam detection capabilities.
Key Terms Explained
- Pre-seed investment
- This is the initial funding stage of a startup, meant to support the development of a product or service idea. It often comes from the founder's personal assets, friends, and family or angel investors.
- Scamdemic
- This is a term to describe a significant increase in scams, particularly those related to financial fraud. For a startup like AVIEL, it represents the problem it aims to solve with its technology.
- Authorised Push Payment (APP) fraud
- APP fraud happens when a scammer manipulates a person or business into sending them a payment under false pretence. With the recent regulatory changes, the liability for such frauds has shifted from consumers to financial institutions, creating a more urgent need for effective fraud prevention strategies.
Frequently Asked Questions
- Who led the pre-seed investment for AVIEL Intelligence?-The pre-seed investment of £350,000 for AVIEL Intelligence was led by Fuel Ventures. Cambridge Angels and other notable angel investors also backed the funding round.
- What is AVIEL Intelligence's mission?+
- What is AVIEL Intelligence's unique approach to tackling scams?+
- Who comprises AVIEL Intelligence's founding team?+
- How does the recent funding impact AVIEL Intelligence's growth?+
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