Expleo, a global technology, engineering and consulting service provider, today unveils ExpleoProtectUS, a world-first anti-smishing solution that alerts banking customers to fraudulent text messages. The software is today being launched as part of a new security feature within the Permanent TSB mobile banking app, ‘PTSB Protect’, which helps to prevent customers from falling victim to fraudulent scams.
Smishing – phishing-style scams that are carried out via SMS – has become commonplace for banking customers today. Retail banks, along with global law enforcement, have warned banking customers to be on high alert as fraudsters contact customers via SMS, tricking them into thinking they are being contacted by a trustworthy source – such as their bank – before extracting sensitive account information from them. Recent figures from the Banking and Payments Federation of Ireland (BPFI) found that incidents of payment fraud and scams cost Irish consumers €85m last year, an increase of 8.8% compared with 2021.
Permanent TSB has introduced ‘PTSB Protect’, a new feature to its banking app which will help to prevent customers from falling victim to fraudulent scams. It has integrated ExpleoProtectUS with its mobile banking app as it continues to roll out a series of measures and technology solutions to protect customers from fraudsters. The solution will inform the customer when it has detected a fraudulent SMS and take appropriate countermeasures.
ExpleoProtectUS is a world-first that can be integrated with any bank’s mobile app and works on both iOS and Android operating systems. The software uses AI and intelligent systems to determine when a customer has received a text message containing a fraudulent link. Customers must consent to the software checking their text messages, however, no information is captured or shared by the bank or Expleo.
Phil Codd, Managing Director, Expleo Ireland, said:
“As a global leader in technology solutions which solve today’s business challenges, we have a responsibility to ensure that what we do is not only good for businesses but good for society too. ExpleoProtectUS originated with this belief in mind at our first Hackathon and has been developed to provide a simple solution to a global problem. The team immediately saw its societal value; to protect the most vulnerable members of society, who are typically older and less tech-savvy.”
Brian Kennedy, Head of Digital and Innovation – Ireland, Expleo, said:
“ExpleoProtectUS is the only anti-smishing fraud solution designed to install directly on end-user mobile phones and has the potential to improve lives worldwide. We are delighted that Permanent TSB immediately understood and embraced its potential to make a difference. We hope our collaboration in this area will not only set an example for the Irish banking sector, but on a global scale, too.”
Peter Vance, Chief Operating Officer Permanent TSB, said
“Attempts to defraud customers through criminal activity has increased significantly over the last number of years. Our own research suggests that 75% of Irish consumers have experienced an attempt of fraud with 27% falling victim to it. With scams getting more sophisticated, consumers need to continue to be on their guard at all times. By introducing PTSB Protect as a new line of defence to our mobile app, we can now directly identify the source of this activity and help protect our customers before their accounts can become compromised. Financial fraud is a significant threat and it is often being targeted at groups that may think they are less vulnerable, so we’re delighted to partner with Expleo Ireland on this world-first anti-smishing solution”
Developed for the banking industry, ExpleoProtectUS can also be to protect customers and end users across the financial services, insurance, retail and government/public services sectors.