20% more accurate: Nine UK banks sign up to use AI-based 'Consumer Fraud Risk System' to tackle scams

It was reported on July 7 that Mastercard is selling a "Consumer Fraud Risk System" to users. This tool is based on artificial intelligence and is designed to help Banks are more effective at detecting when customers are being defrauded, such as by trying to transfer funds to unrelated accounts.

Mastercard said nine of the UK's largest banks, including Lloyds Banking Group, National Bank Group and Bank of Scotland Group, have signed up to use the "consumer fraud risk system".

▲ Picture source Mastercard

##▲ Picture source Mastercard

It is reported that

tools After years of training on transaction data, it can predict whether the recipient of a user's transfer is fraudulent, and can detect fraudulent accounts

pretending to be legitimate payees such as family members, friends, or businesses. TSB Bank took the lead in implementing the system 4 months ago. Paul Davis, the bank's director, said that the system is more accurate in detecting potential fraud compared to manual work. At least 20%

.

According to research by UKFinance, the British Banking Association, victims of fraud in the UK lost 484.2 million pounds in 2022 (IT House Note: approximately 4.474 billion yuan).

These British banks are now preparing for new rules from the UK Payments System Regulator that will require banks to compensate customers affected by fraud from 2024, which banks have previously been unaware of. Be responsible and users need to sign a voluntary agreement in advance to receive compensation after being deceived. The deployment of such a "consumer fraud risk system" is more out of win-win considerations. While preventing customers from being cheated, it can actually reduce the bank's losses.

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