Casap Raises $56 Million To Fight Credit Card Fraud

Cardholders themselves now account for nearly a third of all fraudulent transactions. Social media groups and new AI tools have turned credit card scams into a booming way for everyday people to chase free money. Shanthi Shanmugam launched a startup called Casap to help banks fight this exact problem. On Wednesday, the company announced a fifty-six million dollar funding round led by Base10 Partners. That brings its total funding to ninety million dollars since the startup launched in twenty-twenty-three. Financial giants Synchrony and Experian also joined the latest round. Here is the catch. Consumer protection rules are written assuming cardholders never lie. Banks used to just refund any disputed charge below thirty dollars to avoid expensive investigations. Casap built an AI harness designed specifically for dispute resolutions. Its tools have cut first-party fraud losses by as much as fifty-one percent. The startup also boosted chargeback win rates to ninety-six percent. Traditional dispute methods can take up to ninety days to resolve. Casap cuts that wait time down to just eight days on average.