ThreatMark has launched ScamFlag, a Generative AI-powered solution designed to protect digital banks and their customers from social engineering attacks and scams.

ScamFlag is part of ThreatMark's broader Fraud Disruption Ecosystem, which aims to identify and disrupt fraud operations at all stages rather than simply detecting individual attacks.

The user experience is straightforward: customers access the feature within their banking app, capture a screenshot or photo of suspicious content, and receive instant analysis along with recommended actions.

In 2023, global fraud losses reached a staggering $486 billion, with more than 70% of these losses stemming from scams that trick legitimate users into authorizing fraudulent transactions.

ThreatMark's CEO, Michal Tresner, highlighted that traditional fraud prevention methods are becoming obsolete as fraudsters increasingly employ sophisticated social engineering techniques.

The ScamFlag tool utilizes a pre-trained AI agent with a remarkable 99% accuracy rate to identify various scams, including marketplace scams, romance scams, investment fraud, phishing attempts, and business email compromises.

This innovative solution allows users to analyze suspicious communications across multiple channels, including websites, messaging apps, emails, and online marketplaces.

By providing AI-based protection within trusted banking applications, ScamFlag empowers banking customers to detect scams before they fall victim.

ScamFlag integrates seamlessly into existing digital banking applications, enabling financial institutions to offer scam detection without requiring separate app downloads or complicated setups.