Feedzai, the fraud prevention solution provider, has unveiled a new generative AI-powered fraud prevention agent which offers users real-time alerts and actionable advice to combat increasing fraud levels.
Through the new AI agent, dubbed ScamAlert, Feedzai says it aims to turn its customers into ‘active defenders’ against new scams – protecting them from financial loss, while strengthening the fraud defence landscape by breaking scam cycles at the source.
Scams have become a global epidemic, costing consumers over $1trillion annually. Fraudsters increasingly leverage GenAI to scale their attacks, making them more sophisticated and complex to detect.
In the case of many scams, customers are tricked into validating fraudulent transactions, which enables fraudsters to continue their schemes. Recognising this issue, Feedzai has launched ScamAlert to disrupt this cycle, offering users alerts and advice to help them identify and avoid scams before unwittingly validating a transaction.
“Scams are a global challenge that cost consumers and financial institutions trillions of dollars yearly, and the rapid evolution of GenAI is making these threats even more complex,” explained Nuno Sebastiao, co-founder and CEO of Feedzai. “But banks and tech companies can’t solve this problem alone — their customers are also active participants in scam prevention.
“With ScamAlert, we’re deploying a two-pronged approach: our AI agent provides real-time feedback to customers that helps them identify scams, and it also serves as a powerful tool for customer education. The interactive nature of ScamAlert reinforces the scam prevention message, ensuring that every customer becomes an active line of defense. We all know that prevention measures are only as strong as our weakest link, and in the world of scams, that link is often the customer.”
A win-win for banks and customers alike?
Feedzai debuted ScamAlert at the HumanX AI conference in Las Vegas. Conference attendees had the opportunity to engage in an interactive game, testing their scam detection skills head-to-head against ScamAlert.
Banks will be able to integrate ScamAlert into their operations in a variety ways, ranging from self-service check at payment, in which customers verify the authenticity of advertisements, invoices, or email communications before proceeding with payments, to risk engine integration, where detailed assessments from ScamAlert enrich the bank’s overall risk strategy and transaction scoring.
ScamAlert also enables customers to upload screenshots of potential scams via their mobile banking app or desktop. Whether they see anything from text messages and emails to marketplace listings, advertisements, or website URLs, users can send in screenshots for ScamAlert to analyse.
The AI agent then highlights red flags linked to common scam types like purchase or CEO fraud. By delivering rapid, accurate assessments, ScamAlert not only empowers consumers but also enhances banks’ risk management. Its findings seamlessly integrate into a bank’s risk strategy, enriching transaction scoring with real-time insights into potential fraudulent activities before a payment is made.
