JT Group has expanded their suite of Mobile Intelligence services with the global launch of Scam Signal.
Scam Signal allows businesses to protect their customers from impersonation scams, particularly Authorised Pushed Payment fraud.
The service has been developed with Vodaphone Carrier Services and global analytics software provider FICO with JT being the first channel partner to integrate Scam Signal into their mobile intelligence solutions.
Scam Signal provides a framework of computer rules that app developers and businesses can use to tackle online fraud and protect the digital identities of their customers, enabling financial institutions to swiftly identify and thwart fraudulent bank transfers as they occur in real-time.
During a successful three-month pilot with a leading UK bank, it was shown that Scam Signal detection could be improved by as much as 30%.
The launch of Scam Signal is particular timely given the growing problem of Authorised Pushed Payment (APP) fraud within the UK. Statistics published by the UK government show that 1 in 15 people have fallen victim to fraudulent activity. In 2022, more than £485 million was lost to APP fraud.
Recent data for the Channel Islands show a 20% increase in online fraudulent activity, increasingly affecting older and vulnerable people with many losing considerable amounts of money.
Jersey Police recently warned islanders about an increase in these types of scams which can see people losing their life savings. Earlier this year, Guernsey Police also reported that six people were scammed out of a total of £80,000.00.
Typically, APP fraud involves a criminal tricking someone into sending them money, often through impersonating representatives from banks, government departments, or even a family member. They can also deceive a victim into making advance payments for fraudulent investments, counterfeit goods and services, or even extort money through a seemingly genuine romance or friendship.
Peter Stok, Global Head of Mobile Intelligence Strategy, JT Group said: “The technology represents a significant breakthrough in the fight against fraud and is directly meeting customer’s needs, helping financial institutions to protect consumers by tackling fraud at its source. It’s an essential part of JT’s Mobile intelligence solutions, providing streamlined identity verification, discreet authentication, and instant fraud protection.
“Customers are increasingly demanding that their information is safeguarded and to have top-level security that keep pace with the sophistication of fraudsters. Together with our strategic partners we’re addressing a critical need, responding to a more than 20% increase in fraud last year alone.”
