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New RAG-Based System Improves Real-Time Fraud Detection

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🛡️📞✨ Novel RAG-Based System Enhances Real-Time Fraud Detection. A new fraud detection mechanism utilizing Retrieval Augmented Generation (RAG) technology has been developed to combat the rising threat of scams, including fraudulent phone calls and user impersonations. This innovative system features a real-time transcription and verification process to ensure the authenticity of conversations, alongside a two-step verification for caller identity. Notably, it allows for policy updates without the need for complete model retraining, enhancing adaptability. Validation tests with synthetic call recordings demonstrated impressive results, achieving 97.98% accuracy and an F1 score of 97.44%, outperforming existing methods. This robust solution is poised for effective real-world application in safeguarding individuals against fraud.

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