Nine British Banks Sign Up to New AI Tool for Tackling Scams

“The tool comes as UK banks prepare for new rules from the Payment Systems Regulator that will require them to compensate customers affected by APP scams from 2024. Historically banks haven’t been liable for this type of fraud, although some signed a voluntary agreement to pay back victims.
TSB Banking Group Plc, the first bank to implement the system four months ago, has seen a 20% increase in detection of this type of fraud, which the bank’s Head of Fraud Paul Davis said was one of the biggest improvements of any individual fraud prevention project he’s worked on. TSB estimates it could save UK’s banks about £100 million per year if the tool was rolled out across the industry.”