A cutting-edge AI system fights text scams, which cost New Zealanders $263,499 in six months.

A recently introduced security system powered by artificial intelligence aims to protect New Zealanders from falling victim to text scams and financial fraud.

SMS phishing, also known as smishing, has become a concerning problem, as provisional data from the government’s Computer Emergency Response Team (Cert NZ) indicates that Kiwis lost $263,499 to this type of scam in the first half of the year.

According to an article published by Stuff, the innovative AI system, launched by Dolla, a peer-to-peer payment app, has the capability to analyse text messages and identify suspicious ones, similar to how an email system handles spam messages. During beta testing, Dolla’s CEO, Ben Lynch, revealed that approximately 4% of SMS messages received from unknown senders were scams, but the AI technology successfully captured and filtered out 98% of them, keeping users protected from potential scams.

As per Lynch, the app underwent testing for approximately five weeks, involving a limited group of current users.

As per the most recent Crime and Victimisation Survey commissioned by the Ministry of Justice, the annual count of fraud and deception crimes increased from 288,000 to 510,000 compared to the previous year. Shockingly, over 90% of these crimes went unreported to the police.

Text scams are a growing concern, with 399 reported victimizations to Cert NZ in the first half of the year. Phone companies are also affected, raising concerns about phone, computer, or internet issues. The rise of text scams has widened fraudulent activities, emphasizing the importance of digital vigilance and caution.

You can read the full article here: New AI combats text scams that cost Kiwis $263,499 in six months | Stuff.co.nz