Latest news with #Scamnetic
Finextra
02-07-2025
- Business
- Finextra
Mastercard Start Path takes on cybersecurity startups
Mastercard Start Path today announced a new Security Solutions program dedicated to supporting high potential startups that are pioneering technologies in cybersecurity, fraud mitigation, digital identity and payment resiliency. 0 OneID, Scamnetic, Spec, VanishID and Shield-IoT are the first startups to participate following a competitive global application and vetting process. This new program is the latest extension of Start Path, Mastercard's award-winning global startup engagement arm, which offers support for startups to scale innovative solutions in specialized areas such as blockchain, digital assets, emerging fintech, open finance, small business, acceptance and more. Since its inception in 2014, Mastercard Start Path has welcomed over 475 startups across more than 60 countries - many of which are entering public markets, reaching unicorn status and exploring extended commercial engagements with Mastercard and its customers. Start Path's Security Solutions program supports Mastercard's broader commitment to securing the digital economy. Since 2018, Mastercard has invested more than $10.7 billion in cybersecurity innovation, with a portfolio including value-added services, strategic acquisitions and partnerships, and fraud prevention technologies. As new threats emerge and the cost of cybercrime continues to climb — anticipated to reach $15.6 trillion by 2029 — Mastercard expanded Start Path to help flexible, adaptable businesses accelerate how they identify and respond to future security challenges. Meet the startups: From AI-powered threat detection to IoT security to identity solutions, these startups are tackling some of the most urgent challenges facing consumers, businesses and governments today. OneID is a digital identity assurance technology that uses bank-based verification methods to provide a document-free way to verify customer credentials securely. "We wanted to create a simpler, more secure, and inclusive way - that was also entirely digital - to verify customers' identities so users could access the services they needed more quickly,' says Rob Kotlarz, founding director. Scamnetic provides patented, AI scam-detection technology that detects and prevents a wide range of scams — from phishing to deepfakes — helping protect consumers in real time. 'As a banker turned researcher, I was in awe of how rapidly financial technology was evolving but also increasingly concerned because it felt like criminals were often among the first adopters,' says Al Pascual, CEO. 'We've seen the consequences of that, which is why I firmly believe that the future of fintech is one where security is no longer an afterthought.' Spec invisibly monitors the entire customer journey during a digital transaction to help brands detect and stop fraud, bots and abuse in real time and on a global scale. 'I started Spec after watching even the most advanced merchants lose ground to smarter fraud and fragmented defenses," says Nate Kharrl, co-founder and CEO. "The future of digital commerce demands real-time visibility — so we can tell the good users from the bad ones before they can access the money.' VanishID helps enterprise security teams protect their employees by finding and removing exposed personal data publicly accessible online. "In a world where every click, transaction and connection leaves a trail, privacy isn't passive,' says Matt Polak, founder and CEO. 'It must be engineered, defended, and maintained ruthlessly. VanishID helps security teams protect against cyber and physical threats fueled by exposed personal information online. " Shield-IoT secures mass-scale IoT networks, providing merchants with visibility, threat management and compliance for their cellular-based payment devices. "With Shield-IoT, merchants can secure their cellular IoT payment devices, such as point-of-sale terminals, EV charging stations and connected cars, without any network changes or integration efforts,' says Udi Solomon, founder and CEO. 'Our AI-powered SaaS platform enterprises and SMBs with unprecedented insights and control, automatically safeguarding personal data, protecting critical services and meeting regulatory compliance requirements, allowing businesses to confidently embrace the evolving landscape of contactless payments as a result.' Securing the digital economy at scale Over the years, Mastercard has doubled down on its commitment to cybersecurity through acquisitions, cutting-edge tools, and strategic partnerships. Recently, Mastercard acquired Recorded Future, the world's largest threat intelligence company. Mastercard is dedicated to creating a higher standard of trust in the payment ecosystem, democratizing cybersecurity to create new opportunities for businesses. Its suite of cybersecurity services focuses on assessing cyber risk exposure, providing AI and other technology-driven innovations to protect the digital environment and making continuous advancements to organize trust for people and businesses around the world. Mastercard also broadens protection across networks and geographies through collaborations with entities such as the Global Anti-Scam Alliance. 'Security is the cornerstone of trust,' says Johan Gerber, executive vice president and head of Security Solutions at Mastercard. "It is essential to fueling digital commerce in an increasingly connected world, where new threats emerge all the time. By partnering with startup innovators who are already working to protect our ecosystem, we are accelerating co-creation and knowledge-sharing — shaping a safer, smarter digital future.'
Yahoo
02-06-2025
- Business
- Yahoo
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla., June 02, 2025--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that "Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams." The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions. View source version on Contacts For more information, please contact: prforscamnetic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla., June 02, 2025--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that "Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams." The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions. View source version on Contacts For more information, please contact: prforscamnetic@ Sign in to access your portfolio
Business Wire
02-06-2025
- Business
- Business Wire
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla.--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that 'Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams.' The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions.
Business Journals
24-04-2025
- Business
- Business Journals
Scamnetic secures $13M Series A to combat rising digital fraud
By submitting your information you are agreeing to our Privacy Policy and User Agreement . Tampa-based Scamnetic just raised $13 million to fight the next wave of AI-driven scams. A Tampa-based company focused on safeguarding individuals and businesses from digital threats through advanced AI technology has secured $13 million in Series A funding, according to a release. Scamnetic launched its AI-based scam-detection service in 2024. A release said the series A round brings the total investment in Scamnetic to $16 million. Miami-based Roo Capital led the round; Chicago-based 1st and Main Growth Partners, D.C.-based SaaS Ventures and Baltimore-based Riptide Ventures also participated in the round. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events 'We've always believed that the greatest threat to consumers isn't just fraud — it's the erosion of trust. This raise enables us to accelerate our mission: restoring confidence in a world increasingly plagued by scams," John Evans, chief operating officer, Scamnetic, said in a statement. "We're grateful for our partners who continue to collaborate with us in this critical fight, as scams remain the most reported crime globally, highlighting the tremendous market opportunity ahead." expand Al Pascual, Scamnetic CEO and co-founder. Courtesy of Scamnetic A release said Scamnetic plans to use the funding to fuel its growth by expanding marketing, sales, and customer support operations and accelerating its product roadmap to meet rising global demand. 'Scams are among the biggest issues facing consumers and businesses worldwide. As scams become more sophisticated with the rise of AI, the problem is proliferating at an alarming pace," Spencer Cecola, partner at Roo Capital, said in a statement. "Scamnetic is tackling this urgent challenge with a product that actually works. The world needs to fight AI with AI, and we're excited to back them with capital and hands-on support to help them scale fast and stay ahead.' In 2024, U.S. consumers reported losing more than $12.5 billion to fraud, a 25% increase from $10 billion in 2023, according to the U.S. Federal Trade Commission. The company says it tackles threats across email, messaging apps, social media, QR codes and more. Its tools verify identities before users send money or sensitive info, provide 24/7 expert support for scam victims and offer ongoing scam education to keep users informed and protected, a release said.
