Broadcom Introduces Arcot Scam Defense to Combat Social Engineering Fraud

• •Broadcom's Arcot Scam Defense targets social engineering fraud in CNP transactions.
• •The feature flags potential fraud post-authentication by analyzing multiple data signals.
• •Pilot testing suggests significant fraud prevention potential, with $4 million protected monthly.

Broadcom has launched Arcot Scam Defense, a new feature aimed at preventing social engineering fraud during card-not-present (CNP) transactions. This feature analyzes transaction data, device information, and user behavior to flag potential fraud even after successful authentication challenges. Matt Cooke from Broadcom highlighted that financial institutions are facing a surge in fraud attempts, particularly those enhanced by AI. The feature aims to protect cardholders by detecting anomalies that indicate a scam, such as inconsistencies between devices used for authentication. In pilot testing, it was estimated that reviewing just the top 1% of successful challenges could prevent approximately $4 million in fraud over one month. Broadcom reported nearly $500 million in fraud from authenticated challenges over the past year. The Arcot Scam Defense integrates with third-party tools to enhance detection capabilities.