Silent Eight, an AI-enabled cybersecurity start-up closed a $15 million investment round. As per reports, these funds would be dedicated to accelerating current hiring efforts and increasing customer acquisition as the company expands.
This investment round was led by SC Ventures, the venture capital arm of Standard Chartered Bank, with participation from existing bankers. It brought the company’s total raised funds to around $15 million.
AI-enabled cybersecurity start-up conducts an investigation in financial fraud based on past alerts
Silent Eight claims that it can prevent financial fraud by conducting investigations based on past alerts. It identifies inconsistencies in behavior by observing databases and watchlists. It helps in providing a degree of transparency concerning financial decisions.
The cybersecurity start-up claims that its systems can scan structured, semi-structured, and unstructured databases in several formats like case management systems, online news articles, and screening engines. It can also work on petabytes of data and identify potential relationships. Silent Eight provides a decision with a summary of supporting evidence and reasoning for each solved alert.
Standard Chartered Bank among Silent Eight’s select customers since December 2018
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Silent Eight’s platform is currently used by select customers like Standard Chartered Bank. It has been using this platform since December 2018 across 70 markets in the UK, the US, Hong Kong, and Singapore. The cybersecurity start-up plans to launch its platform publicly by the end of 2020. The company plans to charge customers only for fraud that it helps to solve.
The company’s spokesperson stated that Silent Eight has doubled in scale since the start of 2020, as larger clients added to its portfolio with a growing pipeline for Q4. The seven-year-old company has built new solutions to help banks deal with challenges due to COVID-19. It has launched an on-demand cloud-based AI solution to assist in real-time name, entity, and transaction screening.
Global fraud detection and prevention market to hit $23.3 billion
Currently, technologies like two-factor authentication and embedded chip cards have helped reduce financial fraud, but the problem still exists on a larger scale. In 2018, close to 14 million customers fell victim to identity fraud.
As per Grand View Research, the global fraud detection and prevention market is set to reach $23.3 billion this year. Presently, Silent Eight is the only contender. Two years ago, PayPal bought Simility, an AI-powered fraud detection start-up, for $120 million. Singapore-based CashShield, Paris-based Shift Technology, UK-based Featurespace are some of the other players in this market.