AI

Combining No-Code and AI to Fight Fraud

October 22, 2020



Unit21  has built no-code software tools that companies can use to combat identify theft and online fraud. 

 

They are leveraging AI and machine learning, but the key takeaway is their corporate customers use a simple dashboard and API and don’t have a team of developers that know the intricacies of AI to use the tool.

 

AI wrapped in no-code is a superpower

This combination of the power of AI in a no-code/low-code platform isn’t going unnoticed and is a big trend in AI/machine learning.  The company recently completed a Series A financing for $13 million.  Google’s AI venture fund was one of the investors in the deal.

 

Why is this kind of tool even necessary?

 

  1. In 2019, companies got hit with $8.14 billion in Anti-Money Laundering (AML) fines. This was almost twice the amount of penalties in 2018.

 

  1. Consumers reported losing more than $1.9 billion related to fraud complaints, an increase of $293 million from 2018. 

 

  1. Identity fraud victims’ out-of-pocket fraud costs more than doubled from 2016 to 2018 to $1.7 billion recent Javelin Strategy & Researchstudy.

 

Got to have a good dee-fense.
Unit21 was founded in 2018 by a former Affirm product manager Trisha Kothari.

 

She says that Unit21 has grown rapidly in 2020 with a 400% “uptick in business” within the past 12 months and new customers like Intuit, Coinbase, Gusto, and Line.


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