Australian startup Apate uses thousands of AI agents to engage with scammers across phone calls, emails, and social media. By masquerading as potential victims, these agents gather intelligence on fraud tactics, including bank account details, crypto wallet addresses, and malicious websites.
The company has processed 2.5 million conversations, effectively wasting 17 years of scammers' time. This data is provided to banks, telecom providers, and government agencies to enhance their anti-fraud measures. Clients include Commonwealth Bank of Australia and TPG Telecom.
Apate reported that TPG Telecom diverted nearly 590 000 calls to its agents, while Commonwealth Bank saw a 76% reduction in reported scam losses. The startup also uses outbound agents to disrupt active fraud campaigns, with one unnamed bank stopping 22 such operations.
Founded in 2024, the 20-person company raised $8.15 million in seed funding this August from investors including Lobby Capital and OIF Ventures. Total funding is just under $10 million, which will support product development and international expansion into London and the U.S.
