Callsign, a digital trust pioneer, has announced new technology to detect social engineering scams in real-time and intervene when fraud is detected.
It delivers contextually relevant and personalised warning messages to protect the user from becoming a victim of fraud. This Dynamic Interventions capability is controlled by Callsign’s Orchestration Engine. The phenomenon of social engineering has emerged as a way for fraudsters to psychologically manipulate consumers into transferring money to accounts held by the fraudsters. Known in the industry as Authorised Push Payment (APP) fraud, it is hard for banks to detect as the authorised customer is making the payment.
Research from UK Finance reveals customers lost £583.2 million in 2021 after being manipulated into transferring money into accounts controlled by fraudsters. The UK’s Faster Payments system was the payment method for 97% of those losses.
“Authorised push payment scams are a digital fraud problem requiring a digital solution,” said Chris Stephens, solutions engineer, EMEA, Callsign. “With real-time and faster payment systems becoming the global norm, banks and financial service organizations need to look beyond conventional fraud detection and actively detect, intervene and protect. Fraudsters anticipate ubiquitous static warning messages and coach users past those warnings, but Callsign’s Dynamic Interventions detects threats to consumers in real-time, intervenes and alters digital journeys appropriately, introducing new controls or steps to protect customers.”
