BankingBusinessFinTech

UK Finance and GSMA Partner to Combat Fraud with New Scam Signal Initiative

  • Members of UK Finance and GSMA, including major UK mobile operators like Vodafone, EE, Virgin Media O2, and Three, are rolling out Scam Signal—a new API-driven tool designed to reduce authorized push payment (APP) fraud.
  • By leveraging real-time mobile data, Scam Signal identifies potential fraud patterns to help banks prevent scams.
  • The initiative comes amid rising APP fraud losses, which totaled £213.7 million in early 2024, with 35% linked to telecom-originated scams.
  • This effort aligns with new UK consumer protections mandating scam reimbursements for victims.
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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