Incognia launches location based payment scam detection

Incognia announced in a press release the launch of Real-Time Scam Prevention, an AI system that helps financial institutions detect authorized payment fraud and social engineering scams before money moves.

The system uses Incognia's Physical Social Graph to compare historical location patterns between payment senders and recipients. Its risk model also assesses mule accounts, active calls, remote access tools, device integrity and location spoofing.

Incognia said its Physical Social Graph identified about 70% of scam transactions in an analysis of data from a major financial institution. Banks can combine the resulting risk assessments with their own data and policies, while participating institutions can use shared signals to identify suspicious networks across banks.