Report

On the Frontier of Scam Detection: Boldly Going Where No One Has Gone Before

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The design objectives for developing an effective scam detection platform are aspirational for most FIs.
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March 7, 2023 – The ability to model the risk of a payment by predicting the intent of the person issuing a payment order within a tiny time frame is an exceptionally daunting enterprise. However, the success of NatWest’s and Featurespace’s partnership is a testament to the benefits of a courageous collaboration to blaze new territory on the fraud and scam detection frontier.

This report explores the nature of vulnerabilities that make scams such an attractive method of attack for fraudsters and such a frustrating conundrum for fraud executives. It is based on Aite-Novarica Group interviews with fraud executives from NatWest as well as executives and engineers from Featurespace in the U.K. who served on a fraud solution development project in partnership with NatWest.

Clients of Aite-Novarica Group’s Fraud & AML service can download this report.

This report mentions Featurespace, NatWest, EWS Zelle, UK Finance, Payment Systems Regulator, and Which?.

About the Author

Trace Fooshee

Trace Fooshee

Trace Fooshee is a Strategic Advisor in the Fraud & AML practice at Datos Insights, covering fraud and data security issues. Trace has been leading business transformation initiatives for over 20 years. He started his professional career in Singapore, where he focused on delivering process automation solutions for banking and securities clients by way of workflow and document management-based transformations....

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