Munich-based AI Fraud Detection company, fraud0.com, is thrilled to announce that it has successfully raised €6 million in funding.
The investment round was led by Signals.vc and included top-tier investors such as:
The company plans to develop new cybersecurity products, extend its services to new markets and solidify its position as a leading provider in the fight against fraudulent activities on the internet.
Anyone who has ever used ChatGPT can roughly imagine how the world will change in the near future due to technological advancements in artificial intelligence. The rise of the fake web has become a pressing issue in today’s digital landscape. Using modern AI, it is now trivial to spin up 100k fake bot accounts with human-like behaviour for less than a penny per account. We are coming to the end of this version of the internet, and it will be replaced by something completely different.
The constant rapid advancements in AI pose a major challenge for everything we do online, as it becomes increasingly difficult to determine what is real and, more importantly, who is real. With the rise of AI-generated content, deep fakes, manipulated social media accounts and the spread of disinformation,
the authenticity of online information is at stake.
Bots – already accounting for more than half of global internet traffic – have infiltrated all areas of our digital experience before our eyes:
It has never been easier to program bots with human-like behaviour and buy them on a large scale for little money.
Mischa Rürup, business angel of fraud0.com: “Bots are the weapons of choice for cyber criminals. They are everywhere these days and mimicking human behaviour down to the smallest detail. fraud0.com offers a robust defence against automated threats while respecting users’ privacy.”
Daniel Kirchleitner, GP of Signals.vc: “We’re highly impressed with fraud0.com’s rapid and resource-efficient achievements. They’ve launched multiple successful products, attracting major clients. Moreover, they’re actively developing new products and integrations set to release soon. Their software is revolutionary for many businesses.”
The impact of fake web activities is particularly significant for online marketers. As it turns out, approximately 16% of clicks on online marketing ads & 32% of online impressions are generated by bots, leading to wasted budgets, ineffective campaigns and polluted analytics data. Depending on the platform, the number can be even higher. fraud0.com detected up to 72% bot generated activity originating from TikTok. Irrespective of the sector—be it travel, e-commerce, or insurance—every company that has a website, runs online advertisements, or utilises lead generation forms encounters the challenge of dealing with fake traffic.
In addition to the funding, fraud0.com officially announces a close partnership with Dr. Augustine Fou – the world’s leading fraud researcher who graduated from MIT with a PhD at 23. Dr. Fou has authored over 1,500 scientific articles on cybersecurity, developed proprietary technology, and works with leading global brands to protect them from the impact of fake traffic.
Dr. Fou about the partnership: “Digital fraud is literally the bad guys’ ATM machine – it spits out cash. And every year $600 billion of marketeers’ digital budget refills it. I am happy to bring my expertise in this field together with fraud0.com to the market”
Tilman Pfeiffer (CEO) and Daniel Distler (COO) of fraud0.com – state: “We are extremely proud and honoured to have Dr. Fou on board as he is one of the greatest, if not THE greatest, experts in the field of digital fraud detection. Together we provide every advertiser with the best-in-class fraud detection technology to have a truthful dataset and put real humans back to the centre of marketing.”
fraud0 is a fraud detection company powered by AI and backed by some of Europe’s best software investors and serial entrepreneurs. Customers include well-known brands such as Apollo Optik, Ulla Popken or AboutYou.
For further information, please contact:
Sendlinger Str. 7, 80331 München