Vodafone Carrier Services, the wholesale arm of Vodafone Business, has introduced Scam Signal, an API aimed at countering impersonation scams, particularly within the realm of Authorised Pushed Payment (APP) fraud.
This new API, Scam Signal, has demonstrated promising results, boasting a 30% improvement in scam detection during a successful pilot with a UK bank over three months.
APP fraud involves criminals manipulating individuals into transferring money under false pretenses, often by posing as representatives from banks, government entities, or even family members. The release further explains that perpetrators can coerce victims into making advance payments for fake investments, counterfeit items, or exploit emotions through feigned romantic or friendly interactions.
The release highlights the severity of APP fraud in the UK, with government statistics revealing losses exceeding £485 million in 2022, affecting 1 in 15 individuals. To combat this rising threat, new UK regulations mandate that banks reimburse customers for fraudulent transactions, prompting financial institutions to adopt network-based APIs for enhanced protection.
Scam Signal empowers financial institutions to identify and prevent fraudulent bank transfers in real-time by analyzing network data during live transactions. This proactive approach effectively detects and mitigates social engineering attempts orchestrated by scammers.
Fanan Henriques, Director of Vodafone Business International and EU Cluster, emphasized the significance of leveraging network intelligence to safeguard consumers against fraud, describing Scam Signal as providing an additional layer of security and peace of mind for legitimate transactions.
The rollout of Scam Signal has gained traction with channel partners like JT Group and analytics firm FICO, who integrate the API into their mobile intelligence solutions to combat APP fraud.
In parallel with this initiative, Vodafone Business has unveiled a new brand campaign named ‘Your Business Can’, showcasing tools tailored for SMEs seeking to enhance operational efficiency and profitability through technology.
While network APIs have been hyped for their potential to generate new revenue streams, tools like Scam Signal signify a practical application of this technology, addressing real-world challenges faced by businesses and consumers in the digital age.
