ThreatMark offers protection against social engineering attacks and scams
ThreatMark launched ScamFlag, a Generative AI-powered solution designed to protect digital banks and their customers from the scams and social engineering attacks.
Seamlessly integrating into existing digital banking applications, ScamFlag enables financial institutions to provide their customers with scam detection capabilities without requiring separate app downloads or complex setup. The announcement comes as global fraud losses reached a staggering $486 billion in 2023, with more than 70% attributed to scams that trick legitimate users into authorizing fraudulent transactions.
ScamFlag empowers users to instantly analyze suspicious communications across multiple channels, including websites, messaging apps, emails, and online marketplaces. Using a pre-trained AI agent with an industry-leading 99% accuracy rate, ScamFlag can identify marketplace scams, romance scams, investment fraud, fake merchant schemes, phishing attempts, and business email compromise instantaneously.
“The traditional approach to fraud prevention is broken,” said Michal Tresner, CEO at ThreatMark. “While the industry focuses on identifying legitimate users, fraudsters have shifted to manipulating people directly through increasingly sophisticated social engineering. ScamFlag represents a fundamental shift in fraud prevention by putting powerful AI-based protection directly in the hands of banking customers, right within their trusted banking applications. Instead of just building higher walls around digital banking, we’re giving people the tools to spot deception before they become victims.”
ScamFlag works through a simple three-step process: users access the feature within their existing banking app, take a screenshot or photo of suspicious content, and receive an instant analysis with recommended actions. The solution is delivered through a Software Development Kit (SDK) that banks can integrate with minimal effort, with full white-labeling options that maintain the bank’s brand identity and user experience.
The tool serves as a critical component of ThreatMark’s comprehensive Fraud Disruption Ecosystem, which focuses on identifying and disrupting fraud operations across all stages rather than simply detecting individual attacks.