FALKIN raises $2M to protect bank customers from AI-powered scams

London-based digital safety company FALKIN has secured $2 million in pre-seed funding to combat AI-powered scams targeting bank customers. This investment, led by TriplePoint Ventures, highlights the growing need for proactive fraud prevention in the face of increasingly sophisticated cyber threats. The company’s focus on early detection is crucial for mitigating financial losses and protecting vulnerable individuals in the digital landscape. FALKIN’s platform utilizes AI to analyze behavioural and digital risk signals within digital banking interactions. The goal is to detect deceptive activity before any payments are processed. This approach contrasts with traditional fraud prevention methods, which often activate only after funds have been transferred. The platform’s capabilities are integrated directly into digital-banking journeys and communication channels, such as mobile apps. The implications of FALKIN's technology are significant for both consumers and financial institutions, particularly in Europe. By preventing scams before payments occur, FALKIN aims to increase consumer confidence. The company's expansion plans, including the launch of Safety Labs, also aim to help community banks and credit unions to deploy scam-prevention tools. This approach can also bolster the digital sovereignty of European financial institutions by offering them a robust, home-grown alternative to foreign solutions. This funding will support further product development, deeper integrations with financial institutions, and expansion into new markets. The company's focus on proactive scam prevention aligns with the broader trend of strengthening digital security in the financial sector.