Australian Startup Apate
Australian company Apate has developed thousands of AI-powered agents designed to impersonate potential fraud victims, engaging scammers in conversations to uncover their tactics. These insights are then shared with banks, telecom providers, and government bodies to enhance fraud prevention systems. The AI agents mimic individuals of various ages and genders, speak multiple languages, and adopt different accents to make interactions as realistic as possible.
These AI agents handle fraudulent calls, emails, and messages, follow phishing links, and infiltrate social media groups used by scammers. According to Apate, their agents have collectively wasted 17 years of scammers’ time through 2.5 million conversations. The intelligence gathered includes:
- Bank account numbers
- Cryptocurrency wallet addresses
- Phone numbers
- Malicious websites
- Company names scammers impersonate
Apate’s clients include the Commonwealth Bank of Australia and TPG Telecom, with the latter routing nearly 590,000 calls to the AI agents. The Commonwealth Bank reported a 76% reduction in publicly disclosed fraud losses. Another Australian bank also thwarted 22 fraud campaigns using Apate’s technology.
Growth and Funding
Founded in 2024 and employing 20 people, Apate’s inception was inspired by a personal experience when founder and CEO Dali Kafar held a scammer on the phone for 44 minutes. The project evolved from research at Macquarie University in Sydney and utilizes machine learning, natural language processing, and proprietary AI models trained specifically on scammer interactions.
In August 2026, Apate raised $8.15 million in its initial funding round, bringing total investments close to $10 million. These funds will support product development and international expansion, including opening an office in London and increasing presence in the United States.
"Traditional methods often react too late: operators block phone numbers, but scammers simply switch to new ones, and banks detect suspicious transactions only after criminals have already contacted potential victims."
Brad Joffe, Apate representative
The name Apate is derived from the ancient Greek goddess of deceit, reflecting the startup’s mission to combat fraud through deception tactics of its own.
By leveraging AI technology, Apate is revolutionizing fraud detection and prevention, showcasing innovative strategies against financial crime. The substantial investment and partnerships with major banks highlight the growing significance of AI in this sector. Expanding globally positions Apate to influence fraud-fighting approaches worldwide, potentially reshaping how institutions defend against scammers on an international scale.