NatWest has improved its scam detection rate by 135 per cent following a new technology partnership.
The bank, which partnered with Featurespace to roll out new fraud and crime prevention tech, has also reportedly managed to reduce false positives for scams by 75 per cent.
The news was shared in The On The Frontier Of Scam Detection report commissioned by advisory Aite-Novarica Group.
The report found that authentication controls “are mostly useless” as the market has reached maturity.
The research said that acquiring contextual information that can be useful in preventing scams is challenging as it is expensive and must carefully be integrated into risk models to be effective.
The news follows the announcement that the UK government has extended its trading plan to sell off NatWest by two years. The current trading plan will see the government drip-feed further stock into the market.
The government said it would consider larger sales to private investors or directly to NatWest when they "achieve value for money for taxpayers".
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