ThreatMark has introduced ScamFlag, a new generative artificial intelligence (AI)-driven tool developed to combat the rising issue of scams and social engineering attacks impacting digital banks and their customers.
ScamFlag is designed to integrate seamlessly into existing digital banking platforms, allowing financial institutions to enhance their scam detection capabilities without requiring customers to download additional applications or navigate complex setups.
The tool empowers users to quickly assess suspicious communications across various channels, such as websites, messaging platforms, emails, and online marketplaces.
The solution employs a pre-trained AI agent that boasts an industry-leading accuracy rate of 99% to identify a range of fraudulent activities, including marketplace scams, romance scams, investment fraud, fake merchant schemes, phishing attempts, and business email compromise.
It operates through a three-step process. These include users accessing the ScamFlag feature via their banking app, capturing a screenshot or photo of suspicious content, and receiving an instant analysis with recommended actions.
ThreatMark CEO and founder Michal Tresner said: “The traditional approach to fraud prevention is broken.
“While the industry focuses on identifying legitimate users, fraudsters have shifted to manipulating people directly through increasingly sophisticated social engineering.
“ScamFlag represents a fundamental shift in fraud prevention by putting powerful AI-based protection directly in the hands of banking customers, right within their trusted banking applications. Instead of just building higher walls around digital banking, we’re giving people the tools to spot deception before they become victims.”
ScamFlag is delivered via a Software Development Kit (SDK) that banks can integrate with ease, supporting full white-labelling options to maintain the financial institution’s brand identity and user experience. This tool is a key component of ThreatMark’s Fraud Disruption Ecosystem, which targets fraud operations at all stages rather than merely detecting individual incidents.
Recently, the company raised $23m to extend its operations in the US and UK. It collaborates with financial institutions such as Société Générale, KBC, Erste Group, PostFinance, and Akbank to safeguard over 50 million consumers across three continents.
