New AI Tool Launched to Combat Online Scams
A newly released AI tool developed by Starling, a digital bank, enables users to independently verify the authenticity of online marketplace ads and product images. This innovation has been commended by the UK’s fraud minister for its potential to combat scams effectively.
The tool, named Scam Intelligence, allows Starling’s customers to upload pictures and advertisements from online platforms like Facebook Marketplace, eBay, Vinted, and Etsy for rapid analysis. The AI tool assesses these submissions for potential fraud indicators and provides tailored advice within moments.
Endorsement from the Fraud Minister
Lord Hanson, the UK’s minister for fraud, applauded this initiative in his statement to the Guardian, calling it a “UK-first” solution. He highlighted its significance as an exemplary use of AI technology by the private sector to stay ahead in the ongoing battle against scam artists.
Development and Features of Scam Intelligence
The Scam Intelligence tool was developed in collaboration with Google Cloud using Google’s AI technology, Gemini. It was officially presented at a fintech conference in Las Vegas. According to Starling, during its testing phase, the tool significantly increased the likelihood of customers cancelling payments by 300%, indicating that it effectively encourages users to reconsider transactions.
The unveiling of this tool comes at a critical time, shortly after new data released by UK Finance showed a record rise in losses due to purchase scams since the organization began tracking such data in 2020. These scams typically involve the advance payment for non-existent or undelivered goods and services, such as concert tickets or electronics, often facilitated through online sales platforms or social media advertisements.
How It Works
Scam Intelligence operates by allowing users to upload various types of content for analysis, including seller messages and images of the items offered for sale. It can even assess screenshots of text messages and emails where potential scammers might request money transfers. For example, if a user is considering purchasing a bicycle listed on Facebook Marketplace, the tool might caution them about potential risks such as suspiciously low prices, poor-quality images, or mismatched bank account details. Similar alerts could be raised about sellers on eBay who avoid using secure payment methods.
With this information, shoppers are better equipped to make informed decisions about their purchases, potentially avoiding scams.
Comments from Starling’s Leadership
Harriet Rees, the Chief Information Officer at Starling, emphasized that Scam Intelligence empowers consumers to recognize scam signs on their own, essentially allowing them to act as their own detectives. According to the bank, the tool is capable of identifying up to 90% of scam indicators present in an image.
During trials, the tool was frequently used for lower-value items such as event tickets and sneakers, suggesting that users are keen to protect even smaller investments.
Pioneering Tech in Banking
Starling has stated that this is the first instance of a UK bank incorporating an AI-driven scam detection feature within its app. The service is optional, requiring customers to opt-in to use Scam Intelligence, ensuring that its usage remains a choice rather than a necessity.
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