Our Mission
Our mission at RangersAI is to help financial institutions reduce scam losses by empowering individuals to realize authentic communication, protecting them from manipulation and fraud. Today, financial institutions, credit card companies, and merchants put fraud detection controls on their payment rails. This is an important security layer in fighting fraud, but who will protect individuals from becoming victims of scams in the first place?
We believe that by identifying scam messages we can prevent the emotional toll and shame that often come with falling victim to a scam. By leveraging the power of Community, we can work together to prevent the next scam.
Initially, cybercriminals focused their efforts on phishing attacks to steal credentials such as usernames and passwords to commit account takeover fraud. As technology to protect payments and transactions improved, cybercriminals had to find different ways to put their hands on money. By scamming individuals, criminals bypass the need for account takeover, since they deceive the legitimate account owner into transferring funds directly to them believing that there is a legitimate reason to do so.
Given the size of the scam problem and the impact it has on victims, we have shifted our focus to tackle this issue. We researched the anatomy of the scam, the different types of scams that target different populations and age groups, the psychological tactics criminals use to convince victims and the importance of detecting the scam earlier in the lifecycle, before the financial transaction takes place. We have heard from so many institutions that even if they are able to identify a scam, oftentimes victims are so convinced that they are not willing to stop the payment. The emotional toll on victims is devastating and our goal is to stop a scam in its tracks.