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AI Scams Foiled by New Security App
7 Jul
Summary
- Savi Security uses AI to detect and block AI-generated scams.
- The company raised $7 million in seed funding led by Acrew Capital.
- The app offers real-time call monitoring for scam detection.
Brothers Patrick and Ryan Coughlin, leveraging their extensive tech industry experience, have launched Savi Security. This new venture focuses on protecting consumers from increasingly convincing AI-generated scams.
The company recently announced a $7 million seed funding round, led by Acrew Capital, with participation from other notable investors. Savi Security's app is now available for both iPhone and Android devices.
The inspiration for Savi Security stemmed from a personal incident where the founders' mother nearly fell victim to an AI-powered kidnapping scam that spoofed her daughter's voice and number. This experience highlighted the growing threat of AI in cybercrime.
Prior to AI, such elaborate scams were not financially viable for targeting individuals. However, the advent of cheap and powerful generative AI tools has significantly lowered the barrier for fraudsters.
Savi Security's solution involves real-time intervention. They previously tested their AI scam detection model with a free website, Scam Wise, which gathered substantial data. The new app offers features like live call monitoring to identify scam indicators during ongoing conversations.
The app is priced at $8 per month or $63 annually, covering an entire family. Savi Security's approach mirrors a new generation of anti-virus software, utilizing AI in real-time to counter evolving fraud tactics.
