Unit21 launched its new scams solution that helps financial institutions and fintechs detect and stop scams before they cause financial harm.
Using AI automation, the new solution can be integrated into a fraud team’s workflow to accelerate investigations and response times while also incorporating IP insights and consortium signals to prevent and detect scams before they hit consumer financial accounts.
Advancements in technology have allowed criminals to scam consumers and businesses at unprecedented speed and scale. Data from the Federal Trade Commission (FTC) show that consumers reported losing more than $10 billion to fraud in the U.S. in 2023, the largest reported loss ever. Additionally, Unit21’s 3rd annual State of Fraud & AML report found that 34% of respondents saw a more than 25% increase in scams, compared to the previous year.
“Data from our State of Fraud & AML report demonstrates the significant threat scams cause to financial institutions and the need for a more holistic view of consumer accounts to address these threats,” said Trisha Kothari, CEO of Unit21. “Our customers can now access our unique multi-layered technology that uses behavioral detection, consortium data, and IP data enrichment to stop scammers in their tracks.”
Solving the scamdemic using the right technology
Unlike many traditional fraud detection tools that only rely on reactive investigations, Unit21’s scams solution is built for real-time prevention, stopping scammers before they succeed.
- Shut down fraudulent logins in real-time: IP data enrichment flags VPNs, proxies, Tor, and bots to prevent fraudulent access.
- Expose fraudulent accounts before they act: Counterparty risk blocks known scammers and mule accounts, stopping scams before they spread.
- Deploy new scam rules instantly: Pre-built scam rules provide ready-to-use scam detection for immediate protection.
- Validate unusual financial behavior: Our AI-Agent identifies fraudulent behavior automatically empowering you to combat scams at scale.
- Seamless integration to other fraud vectors: Works alongside check fraud, ACH fraud, and other financial crime prevention measures in one unified platform.
Kothari added that criminals are also taking advantage of the lack of regulatory guidelines around the financial liability of scams in the U.S. and infiltrating consumer bank accounts in any way they can.
“We hope by giving our customers a head start on detecting scam behavior; we are helping to prevent the irreparable damage they cause.”
