New capabilities target phone-based scams and Authorized Push Payment (APP) fraud
BEDFORD, MA – April 5, 2024 – Outseer, a leader in providing fraud solutions that protect financial accounts from login through payment, announced the release of new capabilities aimed at improving signals that defend against scams and instant payment fraud.
According to recent statistics, out of 7.3 billion global calls flagged as suspected spam in Q4 2023, 6% were confirmed fraud calls utilizing social engineering to scam their targets. Phone-based scams, employing sophisticated social engineering tactics over the phone to manipulate consumers to transfer money to fraudsters, pose a significant threat to individuals and businesses alike.
Outseer’s latest release of active phone call detection capabilities with the Fraud Manager platform empowers financial institutions to identify and disrupt fraudulent schemes effectively. The presence of an active call for a consumer making an instant payment is an important signal that can be used to help assess the possibility of an active scam attempt.
In addition, in response to evolving fraud tactics, Outseer has enhanced our instant payment support in Fraud Manager. This feature offers a more granular view of transactions, incorporating additional data elements specific to P2P and instant payment schemes such as payment purpose, emoji usage, and wallet type. With these added capabilities, Outseer enables proactive intervention, effectively preventing fraudulent activities before they escalate.
“In conversations with fraud leaders at some of the biggest banks in the world they continue to emphasize the pressing need to address scams and authorized push payment fraud,” said Yogesh Patel, Chief Technology Officer at Outseer. “An important element of that strategy is enhancing the signals that are highly correlated to scam activity and instant payment fraud. Active call detection and enhanced instant payment data elements can then be used to improve as well as serve as independent signals that can be highlighted in our policy engine. We are excited to continue to improve our capabilities to fight emerging fraud.”
To learn more about how Outseer delivers fraud solutions that work for you, visit outseer.com.
About Outseer
Outseer is the global market leader in fraud prevention solutions that enable financial institutions to reduce fraud losses and operational costs while improving customer experience. Leveraging our 20-year history as RSA Fraud & Risk Intelligence, Outseer continues to innovate, protecting digital transactions from ever-evolving fraud threats. Outseer achieves this through our experienced global team, with employees in over 15 countries. Our proven AI-based platform leverages unique data science built on decades of global transaction data, including our proprietary consortium data, and intelligently orchestrates diverse data signals and authentication flows. Trusted by thousands of customers in over 50 countries, including hundreds of the world’s largest financial institutions, our solutions safeguard millions of accounts, billions of transactions, and trillions of dollars annually. Outseer is backed by established private equity investors that share our vision for liberating the world from transaction fraud. To learn more about how Outseer delivers fraud solutions that Stop Fraud Not Customers®, visit outseer.com.