Israeli AI Startup Vesttoo Sparks a Global Insurance Scandal

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Aug. 4, 2023 6:33 am ET

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A hot Israeli startup promised to use artificial intelligence to spread the risk of insurance policies. Now, Vesttoo is embroiled in scandal thanks to an old-fashioned problem: an alleged multibillion-dollar fraud involving faked letters of credit.

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By. .css-1pgcbdu-AuthorLink{-webkit-text-decoration:none;text-decoration:none;}.css-1pgcbdu-AuthorLink.css-1pgcbdu-AuthorLink:any-link{color:rgba(2,116,182,1);}.css-1pgcbdu-AuthorLink.css-1pgcbdu-AuthorLink:any-link:hover{-webkit-text-decoration:none;text-decoration:none;} .css-qvm9rd-AuthorLink{display:inline-block;color:rgba(2,116,182,1);padding-block:12px;-webkit-text-decoration:none;text-decoration:none;}@media screen and (prefers-reduced-motion: no-preference){.css-qvm9rd-AuthorLink{transition-property:color,fill;transition-duration:200ms,200ms;transition-timing-function:cubic-bezier(0, 0, .5, 1),cubic-bezier(0, 0, .5, 1);}}@media screen and (prefers-reduced-motion: reduce){.css-qvm9rd-AuthorLink{transition-property:color,fill;transition-duration:0ms;transition-timing-function:cubic-bezier(0, 0, .5, 1),cubic-bezier(0, 0, .5, 1);}}.css-qvm9rd-AuthorLink svg{fill:rgba(2,116,182,1);}.css-qvm9rd-AuthorLink.css-qvm9rd-AuthorLink:any-link{color:rgba(2,116,182,1);}.css-qvm9rd-AuthorLink.css-qvm9rd-AuthorLink:any-link:hover{-webkit-text-decoration:none;text-decoration:none;} .css-ktbc67{display:block;} .css-1wc2zh5{margin:0;display:block;} Jean Eaglesham .css-s4tamv-FollowButton{display:inline;}.css-s4tamv-FollowButton ufc-follow-author-widget:not(.hydrated){display:inline-block;width:60px;} .css-6fbmdd-FollowButton{margin-inline:4px;display:inline;}.css-6fbmdd-FollowButton ufc-follow-author-widget:not(.hydrated){display:inline-block;width:60px;} Aug. 4, 2023 6:33 am ET. Share. Resize. Listen. (2 min) A hot Israeli startup promised to use artificial intelligence to spread the risk of insurance policies. Now, Vesttoo is embroiled in scandal thanks to an old-fashioned problem: an alleged multibillion-dollar fraud involving faked letters of credit. Copyright © 2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8. Continue reading your article with a WSJ subscription. Subscribe Now. Already a subscriber? .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;} Sign In. What to Read Next. AT&T : Get a $50 reward card using this AT&T promo code. Walmart : $50 off $75+ orders with Walmart coupon. Kohl's : Kohl's promo code: 30% Off for Kohl's Rewards Members. TurboTax : Save up to $15 with TurboTax coupon May 2023. The Motley Fool : Epic Bundle - 3x Expert Stock Recommendations. H&R Block Tax : 15% OFF DIY Online Tax Filing Services | H&R Block Coupon.