UK banks and mobile operators take on APP fraud with new Scam Signal solution
Members of London-based trade associations UK Finance and GSMA are creating a new roadmap for the launch and adoption of Scam Signal among domestic mobile network operators and banks.
UK Finance and GSMA members collaborate on Scam Signal
Scam Signal is the result of a collaborative effort between mobile network operators EE, Virgin Media O2, Three and Vodafone.
Delivered via API, Scam Signal enables banks to leverage real-time network analysis to more effectively spot correlations between mobile data and fraudulent transfers.
The application of this analysis is intended to mitigate authorised push payment (APP) fraud – when a consumer is tricked into sending money to a criminal – specifically, to which UK Finance suggests £213.7 million was lost in H1 2024 alone.
The data also indicates that, in terms of the value of losses, 35% of this figure “originated from scams which started through telecommunication”.
Vodafone, which is understood to have led the early development of Scam Signal, launched the solution through its wholesale Carrier Services division in April following a three-month pilot with a “major UK bank”.
The solution arrives in conjunction with recent provisions spearheaded by the Payment Systems Regulator (PSR), which introduced new consumer protections against APP scams, including guaranteed reimbursements, when the mandate took effect among UK payment firms on 7 October.
