Have you received a message or a web link from your ‘bank’ or power utility, threatening to block your card or snap the power connection to your home?
Thousands of people fall prey to such messages after getting coaxed by targeted attacks, ending up giving sensitive information to fraudsters and losing money.
Tanla Platforms has launched a Blockchain-based platform ‘Wisely ATP’, which can filter SMSes in a fraction of a second and block all the suspicious phishing messages delivered over various telecom networks.
The artificial intelligence-based solution will instantaneously send alerts banks, financial institutions, telcos, and law-enforcement agencies. Wisely ATP was formally launched at the Mobile World Congress (MWC) being held in Barcelona (Spain) on Monday.
How does it work
The platform can process over 1 trillion transactions annually in real-time with an accuracy of over 99 per cent. Tanla Chief Executive Officer Uday Reddy claims that the process (vetting a message) is completed in just under 20 milliseconds, reflecting no impact on the user experience.
India ranks among the largest markets for SMS phishing, with over six million citizens scammed annually, reporting a loss of about ₹15,000 crore. With complaints against pesky calls and messages pouring in from the public, the Telecom Regulatory Authority of India (TRAI) directed telecom operators to take steps to end the menace.
The Hyderabad-based firm estimates that as many as 5 billion SMS phishing attempts are made in the country every year.
“Phishing has now become an organised industry. Scammers are becoming faster and more sophisticated, consistently finding new ways and clever pretexts to get users to disclose sensitive,” Reddy said. He added TRAI recently conducted a regulatory sandbox and validated the effectiveness of Wisely ATP.
After identifying a scam, the platform also helps eliminate fraudulent assets such as fake URLs and provides evidence to apprehend the fraudster.