Scam Signal is launching as a collaboration between mobile network operators EE, Virgin Media O2, Three, Vodafone and UK Finance members, including NatWest.Delivered via GSMA’s Open gateway API, Scam signal is designed to enable banks to better identify and stop fraudulent bank transfers by analysing real-time network data and identifying correlations between phone calls and fraudulent bank transfers.Data from UK Finance shows that £213.7 million was lost to APP fraud in the first half of 2024. In terms of the value, 35 per cent of APP losses originated from scams which started through telecommunication, where criminals contact victims through SMS and telephone often purporting to be from legitimate organisations, such a bank.Early development of Scam Signal was spearheaded by Vodafone, with the mobile operator completing a successful three-month pilot project which resulted in scam detection improving by 30 per cent at a major UK bank.Dianne Doodnath, principal of economic crime at UK Finance, says: "Working with GSMA has been invaluable in making UK mobile network operators available to support and analyse data with our financial services members. This collaboration has resulted in a strong solution that should have a real impact by identifying criminal activity and increasing fraud detection.”