This Hyderabad-based cybersecurity startup is leveraging AI to protect users from online scams

The digital age has brought a plethora of conveniences, but it has also opened the floodgates to a new kind of menace: online scams. These scams, often disguised as tempting advertisements or legitimate websites, have become a widespread problem, leading to substantial financial losses for unsuspecting victims. 

Pratyusha Vemuri's experience is a case in point. Lured by an online ad for a swing during a Diwali sale, she ended up losing Rs 5,000 to a fraudulent ecommerce site. 

While it is important to mention that the incident is not isolated, according to a Norton LifeLock survey in 2020, India lost Rs 1.24 trillion in the preceding 12 months due to cybercrimes, with 63% of victims incurring financial loss. 

The ease with which these scams can be executed and the difficulty in tracking down the perpetrators make online fraud a growing concern in the digital era. The sophistication and prevalence of fraudulent activities compounds the challenge of online scams. 

Sponsored ads, which are ubiquitous across digital platforms, often serve as the primary vehicle for these scams. The deceptive nature of these ads makes it difficult for users to distinguish between legitimate and fraudulent offers. 

The problem is exacerbated by the rise of new-age scams that use deep learning techniques to analyse a target's online behaviour, creating highly convincing and personalised baits. 

Notably, these scams are not limited to phishing campaigns; they extend to malicious ad targeting, fake websites, and SMS frauds, making the digital space a minefield for the average user. 

In response to this growing threat, Pratyusha Vemuri founded Panoplia.io, an AI-based cybersecurity firm dedicated to safeguarding users from cyber fraud and enhancing the security of digital transactions. 

What does Panoplia.io do?

Leveraging advanced fraud detection and prevention solutions, Hyderabad-based Panoplia.io uses algorithms, machine learning models, and real-time monitoring systems to protect users from cyber fraud and enhance the security of digital transactions. 

The AI-based cybersecurity startup provides these services to consumers as well as businesses. 

The startup's flagship app, AI Kavach, offers protection against fraudulent websites, messages, and apps. It is designed to be accessible to users in Tier I, II, and III cities and supports multiple local languages.

By employing deep learning and AI technology, Panoplia.io aims to stay a step ahead of fraudsters, ensuring a safer digital environment for consumers and businesses alike.

How does it work?

Panoplia's AI Kavach app, which is available on the Google Play Store, helps consumers seeking protection from online fraud.

According to the startup, the app offers a cost-effective solution to digital security, with annual subscriptions ranging from Rs 99 to Rs 179. 

Besides providing protective features, it has a unique reward system where users can earn real money through customer referrals and are incentivised with badges and merchandise for reporting fraudulent activities. 

AI Kavach operates on the cutting edge of technology, employing real-time predictive algorithms to assess the legitimacy of websites and apps. The feature is particularly useful when users navigate to sites through online ads or visit popular platforms like Google, Instagram, and Facebook. 

The app promptly alerts users with a pop-up notification if it detects potentially fraudulent content. Additionally, AI Kavach is vigilant against SMS fraud, actively preventing users from inadvertently clicking on suspicious links embedded in text messages. 

It also offers the ability to monitor financial transactions in real-time, flagging suspicious activity with the help of sophisticated machine learning algorithms that recognise patterns typically associated with fraudulent payments. 

AI Kavach is also equipped to thwart QR code frauds and mobile payment scams, adding an extra layer of security to users' financial transactions. 

Panoplia.io aims to cater to a diverse user base by offering support in multiple local languages, including English, Hindi, Telugu, and Marathi, making it accessible to customers across Tier I, II, and III cities.

Who is the founder?

Before embarking on her entrepreneurial journey with Panoplia.io, Pratyusha Vemuri garnered a wealth of experience in the tech industry, holding a pivotal role at Microsoft as the Head of Product Identity, Security, and Privacy.

In addition to her leadership role at Microsoft, She was also associated with Balbix, Akamai Technologies, Zscaler, Palo Alto Networks, Cisco, Ericsson, and Broadcom Inc. Besides her corporate roles, She was also associated with Hyderabad Angels as an angel investor.

Panoplia.io investors 

Panoplia.io has been growing with the support of its founders' personal networks, including family, friends, and advisors. It has also gained valuable backing from notable incubators like the Cybersecurity Centre of Excellence, Data Security Council of India, T-Hub incubator, and NASSCOM 10,000 Startups. 

According to Pratyusha, the support from personal networks and incubators has helped Panoplia.io develop and refine its offerings. 

The startup has formed strategic partnerships with local government agencies, which provide it with up-to-date information on the latest trends in online fraud. 

Expansion and future plans

Since launching its AI Kavach app, Panoplia.io has seen impressive growth. In just four months, the app has been downloaded over 25,000 times on the Google Play Store, with an 8% conversion rate from free downloads to paid subscriptions. 

The growth indicates a strong market demand for their services. 

Looking to the future, Panoplia.io plans to expand its offerings to business clients (B2B), providing solutions like phishing prevention, detection of fraudulent websites, real-time transaction security, and continuous monitoring of websites. 

The startup also talks with potential business customers to explore these opportunities. Additionally, It is working on partnerships with e-commerce companies to integrate its cybersecurity solutions as an added service. 

Further, It is also in talks with mobile carriers to have their app pre-installed on smartphones, which would significantly increase its reach and accessibility. 

Panoplia.io is also focused on building a community platform that allows users to report fraud, discuss cybersecurity issues anonymously, and receive immediate assistance if they become victims of online fraud. 

The current landscape of the cybersecurity market

The cybersecurity market is rapidly evolving, driven by the increasing prevalence of digital transactions and the corresponding rise in cyber threats. 

According to a report by MarketsandMarkets, the global cybersecurity market size is expected to grow from $217.9 billion in 2021 to $345.4 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. 

The growth is fueled by factors such as the rising incidence of cyberattacks, the growing need for cloud-based cybersecurity solutions, and stringent data protection regulations for information security. 

In India, the cybersecurity market is also witnessing significant growth. As per a NASSCOM report, the Indian cybersecurity services industry is expected to grow at a CAGR of about 21% to reach $13.6 billion by 2025.

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