Casap Raises $56 Million To Help Banks Stop First-Party Fraud Using AI
Banks are facing an increasing number of fraud cases coming from their own customers, not hackers. Now Casap raises $56 million to help banks fight back. The New York startup The post Casap Raises $56 Million To Help Banks Stop First-Party Fraud Using AI appeared first on Ventureburn .
First-party fraud, also known as friendly fraud, is on the rise with banks losing billions each year. New York-based startup Casap has raised $56 million in a Series B funding round to help banks combat this issue. The funding round, led by Base10 Partners and joined by strategic investors Experian and Synchrony, as well as Emergence Capital and Lightspeed Venture Partners, brings Casap's total funding to $90 million.
First-party fraud, where customers dispute legitimate charges, has increased from 15% in 2023 to 36% in 2024. Banks are concerned as 67% of surveyed institutions expect fraud losses to continue rising in 2026. Casap's AI agents can handle disputes from intake to resolution, reducing resolution times from 90 days to just eight minutes, and increasing win rates to 96%.
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