PERMANENT TSB HAS launched a new feature of its banking app that will help prevent customers from falling victim to scams.
‘PTSB Protect’ will alert customers if they receive a text message containing a fraudulent link.
The in-app security feature will also block customers from clicking on a suspicious website on their mobile phone device.
It works by comparing links received or accessed on a customer’s phone against a known blocklist of scam links that pose as legitimate websites to fraudulently obtain someone’s personal or banking details.
When a link matches an entry on the blocklist – which PTSB says will be maintained and updated daily – the website will either be blocked or an alert will be sent to the customer.
PTSB Protect will scan incoming texts to the customer’s phone, regardless of whether they are using the banking app at the time or not.
The bank adds that it has no access itself to the information contained on the customer’s phone.
In order to allow the app to function, it will require additional access to browser and text message content and customers have to opt-in to enable the new feature.
PTSB is to undertake an awareness campaign to increase awareness and adoption of the new in-app feature.
PTSB has worked in partnership with Expleo, a global technology, engineering and consulting service provider, to provide the security measure.
The Chief Operating Officer of Permanent TSB, Peter Vance, noted that attempts to defraud customers have increased significantly in recent years.
He said the bank’s own research indicates that 75% of Irish consumers have experienced an attempt of fraud, with 27% falling victim to it.
Meanwhile, a recent Banking and Payments Federation of Ireland report estimated that fraud losses totalled €85 million last year.
Vance added that as scams become more sophisticated, “consumers need to continue to be on their guard at all times”.
“By introducing PTSB Protect as a new line of defence to our mobile app, we can now directly identify the source of this activity and help protect our customers before their accounts can become compromised,” said Vance.
Speaking on RTÉ’s Morning Ireland, Vance acknowledged that “customers will always remain the first line of defence for fraud”.
However, he said the new in-app feature “is a major step forward in the fight against financial crime”.
Vance also warned that “contrary to belief”, there is an increasing number of people under 45 who are falling victim to fraud.
“A lot of people would think that it’s the older population that are falling victim to fraud, but our data suggests otherwise,” said Vance.
In circumstances where a customer does become a victim of a fraud, Vance has advised them to “contact the bank immediately”.
“We have a 24/7 service, contact us immediately and we will do our best to retrieve the funds before they’re released,” said Vance.
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