Clark Hoefnagels felt compelled when his grandmother fell victim to a $27,000 scam last year, prompting him to take action to protect his family. He began by scrutinizing the scam emails his grandmother had received using the ChatGPT app, which led to the idea of creating an artificial intelligence system known as “Catch” to detect fraudulent messages.

Applications like “Catch” face apathy from individuals, as many prefer to overlook protection even after being scammed. In this context, banks are increasingly using smart technology to combat fraud, developing solutions like “Strise” and “Featurespace” to assist them in this endeavor. Despite individuals’ reservations, banks recognize the seriousness of fraud and are diligently working to confront it through smart technology.