Vodafone Carrier Services, the wholesale division of Vodafone Business, has launched a new service called Scam Signal, which allows businesses to protect their customers from impersonation scams, including authorised push payment (APP) fraud.
JT Group, working alongside global analytics software provider FICO, have become the first Vodafone channel partners to offer Scam Signal with their mobile intelligence solutions.
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, and counterfeit goods and services.
In the UK alone, more than £485m was lost to APP fraud, according to government figures. As new UK legislation mandates that banks reimburse customers for fraudulent transaction losses, financial institutions are increasingly turning to innovative network-based APIs for enhanced protection.
Scam Signal is part of Vodafone’s suite of application programmable interfaces providing a framework of computer rules that app developers and businesses can use to tackle online fraud, and protect the digital identities of their customers.
Contained within the secure Vodafone Identity Hub, Scam Signal API enables 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.
Peter Stok, global head of mobile intelligence strategy at JT Group, said: “Scam Signal represents a significant breakthrough in the fight against authorised push payment fraud, directly meeting our customers' needs, providing streamlined identity verification, discreet authentication, and instant fraud protection.”
Fanan Henriques, director of Vodafone Business International and EU Cluster, added: “Vodafone is using the intelligence in our networks to help financial institutions to protect consumers by tackling fraud at its source. Scam Signal provides both end users and banks with an additional layer of protection against scammers, and peace of mind that their transactions are legitimate.”
