Silent Eight leverages AI to detect and solve financial crime

Silent Eight, a cybersecurity startup leveraging AI to combat crime, today closed a $15 million funding round. The company says the funds will be used to accelerate current hiring efforts and fuel customer acquisition as it expands to new geographies.

While technologies like embedded chip cards and two-factor authentication have helped reduce financial fraud, the problem remains widespread. According to a report from Javelin, the number of consumers falling victim to identity fraud exceeded 14 million in 2018. At least 3.3 million of those were held partially liable for fraud committed against them, with out-of-pocket costs hitting a record $1.7 billion.

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