A real-time scam detection system developed by JT has been recognised with an industry award.
Scam Signal receveived the Credit Award for Excellence in Fraud Prevention following its deployment by Barclays through the FICO Customer Communication Services platform.
The system uses live telephony intelligence to detect and disrupt social engineering scams as they happen.
Scam Signal connects directly to JT’s network via API, enabling FICO’s platform to trigger immediate interventions when high-risk calls are detected – helping banks act before a scam is completed.
It identified nine potential scam victims on its first day, the telecommunications firm said, and was forecasted to reduce card fraud losses by 6%.
“This award highlights the growing role of mobile intelligence in financial crime prevention,” said Clare Messenger, Head of Mobile Intelligence at JT. “Scam Signal was designed to give banks a new layer of insight into scam activity. Seeing it delivers results at scale, and being recognised by the industry, is a significant milestone for JT.”
It marks the first time real-time mobile intelligence data has been embedded within a UK high street bank’s fraud decisioning systems.
“Barclays recognises how impactful this type of fraud is to our customers and have supplemented our existing fraud defences with the latest technology when we suspect customers are being socially engineered,” shared Nicola Winter, Director of Plastic Fraud at Barclays. “We will then intervene to ‘break the spell’ the fraudster casts. Whilst fraudsters target all segments of society, it can be particularly harmful for vulnerable customers.”
Nikhil Behl, President, Software at FICO, added: “We are immensely proud of this award and our work with JT and Barclays. Barclays wed customer commitment with innovation, and our partnership with them is producing fantastic results.
“In the fight against fraud and scams, the criminals are using the most advanced technology – banks must do the same to keep their customers safe.”