Stopping Scams Before They Strike: With MoneyGuard

The Growing Threat of Fraud

Fraud and scams are evolving faster than ever, creating enormous challenges for financial institutions. Rising case volumes, increasingly sophisticated tactics, and the limitations of traditional authentication methods mean banks are under pressure to protect customers while maintaining operational efficiency. Manual processes simply can’t keep up with the scale of the problem, and automation is no longer a luxury - it’s a necessity.

To understand how banks can respond, we sat down with Damian Di Carlo, Global Technical Account Manager at JT, who has over 13 years of experience within the fraud and payment space across Europe. Damian shared his insights on the current state of fraud, the tools available, and how JT’s MoneyGuard is helping banks stay ahead.

Why Automation Matters

Damian explains that the scale of fraud has exploded in recent years:

“Before COVID, a bank might have five people handling fraud cases. Today, that number has doubled or even tripled - and it’s still growing.” This is why banks need smarter, automated ways to engage customers and stop fraud before it escalates.” 

Introducing MoneyGuard 

MoneyGuard is JT’s omnichannel customer communication platform designed to automate fraud alert handling. “MoneyGuard takes fraud alerts and translates them into clear, actionable messages for customers,” Damian explains.

"When a transaction triggers an alert, MoneyGuard sends a tailored message asking the customer to confirm whether it’s genuine. Based on their response, the system can take several actions such as send block or unblock requests for cards or accounts, Mark or Unmark a transaction as fraudulent,  request a rule override so that a transaction may be attempted again, and finally, either close the alert or forward it to a confirmed fraud queue to be investigated - all automatically.”

This automation speeds up fraud resolution, improves customer experience and frees fraud teams to focus on proactive strategies rather than manual investigations. “We always leave an audit trail so that operators know what we said, what the response from the customer was and what actions were taken.”

Alert
Our solution allows for interactive message generation from your fraud system, your transaction switch, your core banking system or any other transactional asset

Control
Set alert thresholds and transactional limits to customer cards and allow cardholders to take immediate action

Real-World Impact

The results speak for themselves: “We have seen banks that deploy MoneyGuard achieving 75% resolution rate – this means auto-resolving three-quarters of all false positives without human interaction,” Damian shares.

MoneyGuard clients report these operational efficiencies translating in savings equivalent to five to eight FTEs, allowing teams to focus on writing new rules and improving fraud prevention tactics.

“In most cases, the solution pays for itself within the first 6-12 months.”

Dealing with Scams

Scams are particularly difficult to detect when the actual Account or Card holder is being coerced into making that payment. This is what is known as Authorised Push Payment (APP) and traditional methods often fail because scam victims unknowingly confirm fraudulent transactions. “If you ask a scam victim if they are the person making the payment, they’ll likely say yes,” Damian says.

“With MoneyGuard we can create specific workflows when scams are detected that will take the customer through a series of questions or steps. These can be making them aware of the potential risk detected, providing them a link to information about scams or asking them questions specific to the scam scenario detected. For instance, in case of a potential invoice scam we could make them aware the account details have changed and ask them whether they have verified them by calling the supplier directly. Or, in case of impersonation scam, whether they are being directed by anyone to transfer funds."

These questions are being asked today at many banks via call centre staff who are generally provided with a script when faced with potential scam victims. MoneyGuard can automate these scripts and take actions based on answers.

Integration

One of MoneyGuard’s biggest strengths is its ease of integration. “MoneyGuard is designed for interoperability. We can communicate with a variety of assets within the bank like fraud monitoring solutions, CRM systems, back-office systems, etc. via RESTful APIs or even bespoke web services,” Damian says. “We can deploy a multi-channel strategy where we select the channel based on bank or customer preference. Interactive messages can be sent via SMS, Email, WhatsApp, PUSH alerts, etc. We can also have escalation strategies where if we don’t receive response from one channel, we can try the next. This sets MoneyGuard apart from traditional SMS only inhouse built systems maximising resolution rates.”

Staying Ahead of Evolving Threats

Fraudsters adapt quickly, and MoneyGuard is built to evolve just as fast. “We’re seeing SMS-based authentication being phased out in some regions because of vulnerabilities like spoofing,” Damian notes. Banks are moving to secure push alerts that can include device and biometric authentication.

MoneyGuard also integrates with JT’s Mobile Intelligence Suite, enabling checks like SIM swap detection before sending alerts - preventing criminals from intercepting messages. “If we detect a SIM swap, we won’t send an SMS. Instead, we alert the bank so they can take appropriate steps,” Damian explains. “A Scam Signal check can be incorporated to a scam specific workflow. If an active incoming call is detected, then this is a strong sign that the customer may be manipulated by scammers.”

Looking Ahead

Damian is optimistic about the future of fraud prevention. “What excites me most is how we’re helping banks tackle scams. We’re moving beyond simple authentication to multi-step dialogues that empower customers to verify transactions and avoid becoming victims,” he says.

For banks, the question is no longer if they should automate fraud communications, but how fast they can deploy solutions like MoneyGuard. With fraud volumes continuing to rise, automation is no longer optional - it’s essential.

Ready to Take the Next Step?

If your institution wants to automate fraud prevention and enhance customer protection, contact JT today to learn how MoneyGuard and our Mobile Intelligence Suite can help you stay ahead of the curve.