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Protecting Consumers From Scams With Wisely ATP

5 min read

Imagine losing your hard-earned money to a scam that started with a simple text message. This nightmare scenario is a reality for millions of people worldwide, as SMS phishing (smishing) continues to surge.

As scammers continuously evolve their tactics, with the lifespan of new patterns and call-to-actions (CTAs) lasting less than 24 hours, traditional anti-phishing solutions struggle to keep up.

The Global Scam Epidemic

In India alone, one in every 12 citizens falls victim to smishing attacks each month. The cost of these attacks is a whopping ~700-1000cr every year.

Worldwide, the cost is millions (if not billions) of dollars yearly. The emotional toll on victims is equally devastating, leading to anxiety, depression, and a lasting mistrust of digital communication.

Scammers update their approaches, employing social engineering techniques and impersonating trusted entities. The consequences extend beyond immediate financial losses, eroding trust in digital systems and hindering digital adoption. This trust deficit affects individuals, businesses, and nations striving for digital growth and inclusion.

Something needed to change.

So, we built a solution - a groundbreakingAI-powered platform designed to identify, prevent, and eliminate smishing threats in real-time, protecting consumers from financial losses and emotional distress.

We built Wisely ATP.

Wisely ATP: AI-Powered Scam Protection

Wisely ATP is a groundbreaking anti-phishing platform designed to combat smishing in real-time. It leverages cutting-edge AI and machine learning technologies to identify, prevent, and eliminate smishing threats. The platform processes live SMS traffic, analyzing every message to detect potential scams.

At its core, Wisely ATP employs four advanced engines:

  1. Sender Reputation Engine: Powered by Web of Trust, it assesses the trustworthiness of sender IDs.
  2. CTA Engine: Utilizes Convolutional Neural Networks (CNN) and Natural Language Processing (NLP) to analyze suspicious links and call-to-actions.
  3. Semantics Engine: Harnesses the power of Large Language Models (LLM) to understand the context and intent of message content.
  4. Overall Evaluation Engine: Uses deep learning to independently corroborate the findings of the other engines.

These engines work in tandem, enabling Wisely ATP to identify smishing attempts with unparalleled accuracy.

Once a smishing attempt is identified, Wisely ATP swiftly takes action. It prevents the message from being delivered, protecting the user from potential harm. But it doesn't stop there. The platform also works to eliminate the root causes of smishing by sharing evidence with ecosystem partners. This enables the rapid deactivation of fraudulent mobile numbers, takedown of malicious domains, and closing of implicated OTT messaging accounts.

By leveraging AI and ML technologies, Wisely ATP can process a staggering 1 trillion+ messages while maintaining sub-50-millisecond latency. This scalability ensures that no matter how rapidly smishing attempts increase, Wisely ATP can keep pace, providing real-time protection to millions of users.

Proven Effectiveness

Wisely ATP's effectiveness has been consistently demonstrated through rigorous testing and real-world deployments. During a TRAI-approved sandbox deployment, Wisely ATP achieved a remarkable 99%+ efficacy rate in identifying and preventing smishing attempts in real-time.

The platform's success has also been evident in its partnerships with leading banks. In an 8-week POC with a major private bank, Wisely ATP protected over 8.3 million unique enterprise users from smishing attacks. On average, each user was targeted 3.71 times per month, highlighting the persistent nature of these threats. The solution prevented approximately 30.3 million attacks during this period, safeguarding users from untold potential financial losses.

Moreover, Wisely ATP's effectiveness translates into significant cost savings for enterprises. By reducing the number of successful smishing attacks, the platform can help banks and other organizations minimize the expenses associated with fraudulent transactions, customer support, and reputation management.

A Comprehensive Ecosystem Approach

Wisely ATP was designed and developed with a strong focus on inclusivity and collaboration. From the very beginning, the platform sought feedback and support from key stakeholders, including telcos, regulators, and enterprises.

  • Enterprises provided early feedback at the concept stage, helping shape a comprehensive solution
  • Leading tech giants, including OTT players and take-downers, collaborated to create an ecosystem that eliminates scams and scammers
  • TRAI, the telecom regulator, guided the development of a regulated platform for testing on live traffic

By involving stakeholders in the development process, we gained valuable insights into the pain points and requirements of each group, resulting in a solution that meets the technical needs of stakeholders and aligns with their operational and regulatory requirements.

Wisely ATP serves as a central hub, connecting telcos, regulators, and enterprises in real-time. When a smishing attempt is detected, the platform swiftly shares the relevant information with the appropriate stakeholders, enabling them to take prompt action, such as deactivating fraudulent mobile numbers, enforcing legal action, and protecting customers.

Real-world impact:

  • 99%+ user protection through real-time identification and prevention
  • Significant reduction in financial losses due to frauds
  • Multi-channel protection enabled by rapid information dissemination
  • Improved telco brand reputation and 90-95% reduction in SMS phishing complaints
  • Enhanced brand image and 70-90% reduction in legal and phishing-related costs for enterprises
  • Increased ROI for enterprise marketing campaigns

By facilitating collaboration and real-time information sharing, Wisely ATP closes the gaps exploited by scammers, making it significantly harder for them to operate. With each new partner, the collaborative network strengthens.

Protecting Consumers in the Digital Age

As the world becomes increasingly digital, so do the threats we face. Smishing is just one of the many challenges that underscore the importance of innovative, collaborative solutions like Wisely ATP.

With its AI-powered, real-time protection and comprehensive ecosystem approach, Wisely ATP represents a paradigm shift in the fight against digital fraud. It not only safeguards consumers but also rebuilds trust in digital systems - a critical foundation for inclusive growth and progress. As other regions grapple with similar challenges, Wisely ATP offers a blueprint for success.

Because in the end, protecting consumers in the digital age is not the responsibility of any single entity. It’s a shared global mission that requires universal commitment. And with solutions like Wisely ATP leading the way, it's a mission we can all embrace with confidence.

So let's stand together, let's innovate together, and let's create a safer digital world - one safe consumer at a time.