The partnership brings together mobile networks including EE, Virgin Media O2 (VMO2), Three, and Vodafone, alongside banks such as NatWest, to identify fraudulent activity and protect customers from scams originating via phone calls and SMS.
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Delivered through an Application Programmable Interface (API), Scam Signal leverages real-time network data, enabling banks to spot suspicious activity in conjunction with mobile operators.
By examining correlations between phone calls and banking transfers, the tool provides a robust solution to flag potentially fraudulent transactions before they are completed.
“Fraud remains a major problem, with our data showing that over £210 million was stolen through APP fraud in the first half of 2024,” said Dianne Doodnath, principal of economic crime at UK Finance.
“Our collaboration with GSMA is invaluable, and this joint effort has resulted in a solution capable of identifying criminal activity and increasing fraud detection.”
The project’s early success was bolstered by Vodafone’s three-month pilot, which saw scam detection rates improve by 30% at a major UK bank.
Brian Gorman, fintech lead at GSMA added: “Scam Signal is already detecting fraudulent calls and stopping transactions to criminals.
This solution was made possible by close collaboration between mobile operators and financial services, showing the powerful impact of cross-industry partnerships.”
APP fraud, which often originates through SMS or telephone scams, accounted for 35% of the UK’s APP losses.
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