Acoru secures €10M to disrupt money mule activity and predict financial scams

Madrid-based Acoru, a cybersecurity startup, has secured €10 million in Series A funding to combat AI-enabled fraud and money laundering, marking a significant step in enhancing financial security. This investment, led by 33N Ventures, will allow Acoru to expand its Account Monitoring Platform, focusing on preemptive fraud detection in an environment where global fraud losses are estimated to reach $500 billion annually. The company's innovative approach aims to address the growing threat of sophisticated scams by identifying early warning signals. Acoru's platform, developed by cybersecurity veterans, classifies both first-party and counterparty accounts to predict Authorized Push Payment (APP) fraud. The platform monitors accounts and their counterparties, building risk profiles to identify patterns like micro-transactions and unusual interaction behaviors indicative of AI-driven automation. This innovative approach allows fraud and financial crime teams to block suspicious activity and freeze accounts before funds are moved. The impact of Acoru's technology is far-reaching, as it enables banks to intervene early in fraudulent activities, protecting both victims and financial institutions. By focusing on intent and network behavior, the platform offers a "paradigm shift" in how fraud is fought. The new funding will help Acoru further develop its platform, providing financial institutions with the tools needed to stay ahead of increasingly sophisticated fraud schemes.