Netcraft Announces New AI-Driven Innovations to Disrupt and Expose Criminal Financial Infrastructure

Leader in Digital Risk Protection Unveils New Conversational Scam Intelligence Platform

LONDON And SALT LAKE CITY, May 8, 2024 /PRNewswire/ — netcraft, the global leader in digital risk protection and threat intelligence, announced its new Conversational scam intelligence platform at the RSAC at San Franciscowhich builds on Netcraft’s intentional approach of using AI to stay ahead of criminals and protect clients’ brands and customers.

FBI reports U.S. losses from investment and ‘pig butchery’ scams have been $4.6 billion in 2023, an increase of 38% compared to 2022. Using carefully constructed generative AI, the Conversational Scam Intelligence platform allows Netcraft and its customers to disrupt these harmful scam attempts at scale, by uncovering networks underlying financial accounts and deploying countermeasures against criminal infrastructure.

By engaging criminals identified through its proprietary threat intelligence in private chat threads, Netcraft’s AI exposes the scam in its entirety, extracting critical information that can be used to disrupt and prevent future attacks. This innovative approach helps protect against tactics like pig slaughter, where fraudsters exploit direct messages, a previously undetectable source of threat, to trick victims into sending money to fraudulent schemes.

Initial results show significant impact, precisely identifying the hidden financial infrastructure used in pig butchering scam attempts, including thousands of criminal-controlled bank accounts, mule accounts, crypto wallet addresses, etc. By leveraging this evidence, Netcraft customers can report or block payments to and from compromised accounts before a transaction takes place, mitigating risk exposure for banking providers around the world.

“Conversational scams through email, SMS and other channels have become a major problem for financial institutions and individuals around the world,” said Ryan Woodley, CEO of Netcraft. “Our innovative approach leverages the thoughtful use of AI, extensive masking techniques and proactive countermeasures, delivering a powerful blend of data extraction and criminal disruption. »

The regulatory landscape is changing: US senators are pushing for greater accountability for financial institutions, and the UK now requires institutions to bear 50:50 financial risk for fraudulent push payments. In response, banking industry leaders must deploy new strategies to respond to current threats and intercept criminal behavior. Critical interventions such as using AI to increase visibility and deploy proactive countermeasures provide a valuable new tool to combat threats.fraudpayment risk and security teams around the world.

AI, machine learning and over 70,000 human-written rules are at the heart of Netcraft’s detection, disruption and takedown services. Leveraging advances in generative AI to anticipate – and prevent – ​​criminal behavior was a natural next step.

“At Netcraft, we have been leveraging AI for many years to effectively automate the end-to-end process of destroying criminal infrastructure. With continued innovations in generative AI, we wanted to identify mechanisms to leverage this innovative technology,” said Robert Duncan, vice president of product strategy at Netcraft. “We are excited about how Conversational Scam Intelligence will drive positive outcomes for our banking partners and ultimately thwart criminal behavior. »

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About Netcraft
Netcraft is the global leader in cybercrime detection and disruption, combining cutting-edge technology with decades of experience to protect organizations of all sizes against digital threats and attacks. Its mission is to detect and disrupt cybercrime at scale through constant innovation, deep automation, AI and machine learning, and the world’s most comprehensive threat detection dataset, delivering thus a safer online experience for everyone. Headquartered in the UK, Netcraft is the trusted cybersecurity partner to four of the world’s largest companies, eleven of the largest banks and the governments of eight of the world’s largest economies. Netcraft’s full threat feeds, early fraud detection capabilities and rapid automated takedowns are unparalleled in the industry, scaling to take down nearly a third of the world’s phishing sites, having blocked more than 215 million malicious sites. For more information, visit www.netcraft.com.

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SOURCE Netcraft