Unit21 has recently launched a new scams solution aimed at helping financial institutions and fintechs in detecting and preventing scams before they result in financial harm. This innovative solution leverages AI automation to enhance the workflow of fraud teams, enabling them to expedite investigations and responses. By incorporating IP insights and consortium signals, the solution is designed to proactively detect and thwart scams before they impact consumer financial accounts.
In today’s rapidly evolving technological landscape, criminals are exploiting advancements to perpetrate scams on consumers and businesses at an unprecedented pace and magnitude. Data from the Federal Trade Commission (FTC) revealed that consumers reported losses exceeding $10 billion to fraud in the U.S. in 2023, marking the highest reported loss on record. Moreover, Unit21’s 3rd annual State of Fraud & AML report highlighted a concerning trend, with 34% of respondents noting a more than 25% surge in scams compared to the previous year.
Trisha Kothari, the CEO of Unit21, emphasized the critical need for a comprehensive approach to combat the growing threat of scams. Kothari pointed to the insights gleaned from the State of Fraud & AML report, underscoring the significant risks posed to financial institutions. She highlighted the unique capabilities of Unit21’s multi-layered technology, which integrates behavioral detection, consortium data, and IP data enrichment to effectively disrupt scammers’ activities.
Unit21’s scams solution stands out for its proactive stance in preventing fraud, unlike traditional tools that predominantly rely on reactive measures. Key features of the solution include real-time identification of fraudulent logins, exposure of malicious accounts before they execute fraudulent actions, instant deployment of new scam rules, automated detection of suspicious financial behavior, and seamless integration with other fraud prevention measures.
Kothari further highlighted the concerning trend of criminals exploiting the regulatory gaps surrounding financial liability for scams in the U.S. By equipping customers with advanced detection capabilities, Unit21 aims to empower financial institutions to mitigate the risks posed by fraudulent activities and safeguard consumers from enduring financial losses.
In conclusion, the launch of Unit21’s scams solution represents a significant step towards bolstering the defenses of financial institutions and fintechs against the burgeoning threat of scams. By harnessing the power of AI automation and leveraging cutting-edge technology, Unit21 is enabling its customers to stay ahead of scammers and protect the integrity of consumer financial accounts.