JT Group Limited has expanded their suite of Mobile Intelligence services with the launch of Scam Signal which allows businesses to protect their customers from impersonation scams, particularly Authorised Pushed Payment (APP) fraud.
JT Group Limited, a global technology leader delivering a range of connectivity and business solutions, working alongside global analytics software provider FICO, have become the first of Vodafone’s channel partners to offer Scam Signal with their mobile intelligence solutions.
JT continues to take a market-leading position in Mobile Intelligence, which uses mobile systems and networks to learn, analyse and resolve user queries with intelligent data. 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. Leveraging advanced analysis of real-time network data during live transactions, it effectively detects and mitigates social engineering attempts aimed at deceiving and defrauding account holders.
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 particularly timely given the growing problem of 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.
Scott Taylor, Principal Consultant, FICO, said: “By providing Scam Signal through our Customer Communication Services (CCS), we can help banks crack down on scams and reduce consumer harm by applying contextual data and analytics-driven decision intelligence. Our recent survey showed that 73% of banking customers rank fraud protection in their top three considerations when choosing a bank – businesses that spot scam signals early can not only prevent losses but gain more customers through trust.”
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.’