Charm Security – an AI-based customer security platform – announced its launch from stealth. And the company secured $8 million in seed funding led by Team8.
By utilizing real-time AI-powered agents, Charm intervenes to prevent scams before they occur and protects organizations and their customers from social engineering and human-centric fraud.
Charm is headed by:
1.) Roy Zur, a cyber intelligence expert, senior Officer at the Israeli Cyber Intelligence Unit 8200, an attorney, and serial entrepreneur with over 20 years of experience in cybersecurity and fraud prevention
2.) Avichai Ben, former Data Science Lead at Transmit Security and Microsoft, who has created AI-driven fraud detection solutions for major enterprises.
The company was created in partnership with Team8, a global venture creation firm specializing in cybersecurity, fintech, data, AI, and digital health.
Fraud tactics have evolved from system exploitation to sophisticated social engineering, making individuals the weakest link in security. Fraud Exposed (a recent report by Team8) emphasized that AI-based scams have resulted in $1.03 trillion in global losses.
With banks facing more regulatory scrutiny and liability for authorized push payment (APP) fraud, the need for real-time, customer-centric scam prevention has never been greater.
Charm mitigates scam risks by assessing human vulnerability exposure, analyzing customer risk patterns, and delivering tailored mitigation strategies based on psychological insights, data analysis, and AI. This proactive approach strengthens defenses before scams occur. When scams are actively unfolding, Charm can go further by transforming them in real time.
Charm will utilize the new funding to expand its team, accelerate product development, broaden its market reach, and forge strategic partnerships to increase the adoption of its scam prevention platform.
KEY QUOTES:
“Scammers are evolving at an unprecedented pace, using AI to deceive customers before traditional fraud systems can intervene. We are on a mission to break the ‘scam spell’ by leveraging AI-powered real-time interventions and psychological insights to protect users when they need it most.”
– Roy Zur, Co-founder & CEO of Charm Security
“Fraud prevention has come a long way, but the rise of generative AI has fundamentally reshaped the threat landscape – giving fraudsters a strategic edge over financial institutions and their customers. Charm is uniquely positioned to turn the tide, using AI-driven solutions to help financial institutions protect their customers from scams and social engineering.”
– Tomer Barel, President of Melio and former Meta and PayPal executive
“AI-driven scams and social engineering fraud that preys on human vulnerabilities have escalated into a trillion-dollar problem, demanding a fundamental shift in fraud prevention. Charm Security’s approach empowers organizations to protect their customers and navigate evolving regulatory expectations. With the founders’ deep cybersecurity expertise and Team8’s company-building credentials in the cyber, fintech, and AI domains, Charm is well-positioned to make a meaningful impact in fraud prevention.”
– Rakefet Russak Aminoach, Managing Partner at Team8 and former CEO of Bank Leumi, Israel’s largest bank
