Fraud Management & Cybercrime , Fraud Risk Management , Mobile Payments Fraud
How UK is Getting Banks and Telecoms to Fight APP Scams
GSMA and UK Finance Come Togtether to Launch Scam Signal
Using predictive models to detect fraud early, the GSM Association and UK Finance have teamed up to combat authorized push payment fraud. Launched earlier this month, Scam Signal brings together banks, telecom providers and regulators to create standardized tools for proactive fraud prevention.
See Also: Breaking Down Silos With a Holistic View of Security, Risk
The coalition hopes to help stakeholders analyze behaviors linked to scams and flag suspicious activities before they escalate, providing financial institutions with actionable insights to enhance fraud detection. But they are calling for "more agile and intelligent data sharing" and point out that APIs are critical for seamless data-sharing and real-time analysis of fraud data across industries.
"The API economy plays a significant role in fighting fraud," said Brian Gorman, fintech vertical lead at GSM Association, an industry group that representing mobile network operators worldwide. "Standard solutions delivered consistently by telecom operators globally allow banks to consume these APIs confidently. We’re creating scalable models that make a real difference."
Dianne Doodnath, principal at British trade association group UK Finance, expects APP scams to continue but she also worries about unauthorized fraud. "We expect criminals to attempt fake scams to exploit refund policies. There’s also a shift toward account takeover attempts, leading to unauthorized fraud. This reflects the evolving psychological manipulation targeting consumers."
In this video interview with Information Security Media Group, Gorman and Doodnath discussed:
- The role of telecoms in enhancing fraud detection frameworks;
- Future of information-sharing APIs for driving global collaboration;
- How predictive models transform fraud mitigation strategies.
Gorman is the fintech vertical lead at GSM Association leading activities to enhance collaboration between the financial services vertical and the mobile ecosystem. This reflects the strategy requested by the GSM Association board to get closer to key verticals and better understand their needs.
Doodnath is the remote payment channels threat lead for UK Finance working closely with financial institutions and other sectors to close vulnerabilities beyond the perimeter of the banks.
