Lloyds Bank has a new trick up its sleeve. Dubbed “The Rat”, Lloyds has revealed a new, high-tech defense system that attempts to detect fraudsters before they have a chance to stop. It’s saved 2,000 customers so far.
The technology looks for signs of unusual and suspect behavior when a user logs into Lloyd’s banking service. From what we can tell, “The Rat” is a user-behavior-based analytics platform. It acts in real time behind the scenes. Going live at the end of 2018, “The Rat” has already prevented more than 2,100 customers falling victim to scams. If “The Rat” detects unusual behavior in a client’s account, Lloyds will freeze said account, preventing funds from being lost.