Latest news with #AlPascual
Yahoo
02-06-2025
- Business
- Yahoo
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla., June 02, 2025--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that "Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams." The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions. View source version on Contacts For more information, please contact: prforscamnetic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla., June 02, 2025--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that "Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams." The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions. View source version on Contacts For more information, please contact: prforscamnetic@ Sign in to access your portfolio
Business Wire
02-06-2025
- Business
- Business Wire
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla.--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that 'Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams.' The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions.
Business Journals
24-04-2025
- Business
- Business Journals
Scamnetic secures $13M Series A to combat rising digital fraud
By submitting your information you are agreeing to our Privacy Policy and User Agreement . Tampa-based Scamnetic just raised $13 million to fight the next wave of AI-driven scams. A Tampa-based company focused on safeguarding individuals and businesses from digital threats through advanced AI technology has secured $13 million in Series A funding, according to a release. Scamnetic launched its AI-based scam-detection service in 2024. A release said the series A round brings the total investment in Scamnetic to $16 million. Miami-based Roo Capital led the round; Chicago-based 1st and Main Growth Partners, D.C.-based SaaS Ventures and Baltimore-based Riptide Ventures also participated in the round. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events 'We've always believed that the greatest threat to consumers isn't just fraud — it's the erosion of trust. This raise enables us to accelerate our mission: restoring confidence in a world increasingly plagued by scams," John Evans, chief operating officer, Scamnetic, said in a statement. "We're grateful for our partners who continue to collaborate with us in this critical fight, as scams remain the most reported crime globally, highlighting the tremendous market opportunity ahead." expand Al Pascual, Scamnetic CEO and co-founder. Courtesy of Scamnetic A release said Scamnetic plans to use the funding to fuel its growth by expanding marketing, sales, and customer support operations and accelerating its product roadmap to meet rising global demand. 'Scams are among the biggest issues facing consumers and businesses worldwide. As scams become more sophisticated with the rise of AI, the problem is proliferating at an alarming pace," Spencer Cecola, partner at Roo Capital, said in a statement. "Scamnetic is tackling this urgent challenge with a product that actually works. The world needs to fight AI with AI, and we're excited to back them with capital and hands-on support to help them scale fast and stay ahead.' In 2024, U.S. consumers reported losing more than $12.5 billion to fraud, a 25% increase from $10 billion in 2023, according to the U.S. Federal Trade Commission. The company says it tackles threats across email, messaging apps, social media, QR codes and more. Its tools verify identities before users send money or sensitive info, provide 24/7 expert support for scam victims and offer ongoing scam education to keep users informed and protected, a release said.
