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The WSJ Leadership Institute’s Patrick Coffee writes for the newsletter this morning:
Veterans of Google and Meta’s advertising product, safety and privacy teams, along with a former Federal Trade Commission chairman, have come together to help fund a startup designed to fight AI with more AI.
Concern over the proliferation of artificial intelligence-driven online scams prompted the launch of security platform InfoHawk, according to co-founder and CEO Rob Leathern, who previously worked in ad product management at Google and Meta, where he helped start the Facebook maker’s business integrity unit.
The problem extends to marketers. AI technology’s rapid progression has lowered the barrier to entry for would-be scammers, and as the number of unscrupulous players grows, many legitimate brands find themselves crowded out of multiple platforms by fake ads, he said.
“A lot of the AI tools are … allowing actors to generate increasing volumes of images, text and website landing pages. Then they run ads against [them], with products that don't exist or offers that are misleading for consumers,” said Leathern.
Global consumers lost around $442 billion to online scams over the past year, with 45% of adults saying they’d encountered more scams during the past 12 months than in the previous year, according to the nonprofit Global Anti-Scam Alliance.
Platforms don’t want to tolerate or encourage bad actors, but they aren’t always incentivized to address the issue, according to Leathern. Any effective effort to curb what has become a global problem will require some combination of security tools, voluntary safety standards and legislative action, he said.
“I think there's room to improve there for everyone, and I think the other reality is you're never going to, quote-unquote, solve crime,” said Leathern.
InfoHawk’s core product is a detection tool that plugs into various platforms’ servers and helps them identify deceptive content, with the goal of shutting down scam campaigns as early as possible. The tool itself is, of course, powered by AI.
The Austin, Texas-based company raised $2.25 million in a pre-seed round led by venture firm Moonshots Capital.
Its angel investor list includes former FTC Chairman Jon Leibowitz; Scott Spencer, former Google VP of ads safety and privacy; Rob Goldman, Meta’s former VP of ads; Nikila Srinivasan, ex-VP of product at Meta’s WhatsApp; and Brian O’Kelley, founder of adtech firm AppNexus.
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