Metro Bank has launched a scam detector in partnership with AI startup Ask Silver as fraud forces billions in losses in the UK.
Fraud represents one of the most common legal risks to people in Britain, with more than four in 10 crimes in the UK being scams or fraud, according to UK Finance.
Over £1bn was lost to fraud in 2023 and in £358m was lost in the first half of 2024 – 5% more than the same period the previous year.
New AI technologies will likely act as a double-edged sword in the fight against scammers. While deepfakes, voice cloning and generative copywriting have handed bad actors new tools, firms like Ask Silver claim the same tech can be used to protect consumers.
With the new service, Metro Bank customers can upload images of any communication or transaction they feel could be fraudulent and Ask Silver’s AI tool then analyses the material, sending a response via WhatsApp as to the likely risk of fraud and next steps.
“This new partnership with Ask Silver is a game changer in protecting customers from fraud and helping to stop crime,” said Baz Thompson, head of fraud at Metro Bank.
“Criminals often play on urgency and speed to trick people into parting ways with their hard-earned cash. Being able to offer a service where customers can know in minutes whether something is fraudulent provides an essential barrier to staying one step ahead of fraudsters.”
The deal with Metro marks the first UK bank partnership secured by Ask Silver, which launched in 2023.
Founder Alex Somervell created the business alongside Jonny Pryn after a family member was scammed out of £150,000.
This partnership marks a pivotal step in safeguarding financial security and we hope it’s just the beginning,” said Somervell.
“We’re building the most human-focussed anti-scam company and partnering with customer-focused financial institutions like Metro Bank is core to that.”
The new measure from Metro comes as digital bank Revolut has been calling for the onus of tackling fraud and reimbursing victims to be shared with social media firms, in particular, WhatsApp owner Meta.
Read more: Revolut ramps up Meta fraud liability demands amid major WhatsApp scam losses
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