The AI-powered tool aims to analyse images and messages from online marketplace listings, detect potential fraud, and provide instant, personalised advice to customers.
Key highlights include:
➡️ AI-Driven Fraud Detection: The tool analyses listings, images, and seller communications for red flags such as fake photos, mismatched bank details, and pressure tactics;
➡️ Customer Protection Impact: During testing, use of the tool led to a 300% increase in cancelled payments;
➡️ Government Endorsement: The UK’s Fraud Minister, Lord Hanson, praised the initiative as “a brilliant example of how industry can deploy AI to stay ahead of fraudsters”; and
➡️ Scope: This marks the first AI-powered scam detection tool launched by a UK bank.
✅ Firms should explore AI-led tools that enhance customer protection, reduce purchase scam risks, and build consumer trust through proactive, tech-enabled fraud prevention.
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