Stop SIM-swap fraud with a strong and secure solution to keep you ahead of the game!
In a fast-paced mobile-centric world, fast-track enrolment is key to capturing potential new customers. But using SMS OTP mechanism to give customers quick access to online services without ensuring strong subscriber ID verification is like a free pass to criminals using SIM-swap fraud to hack into bank accounts.
Preventing SIM-swap fraud is all about stopping the problem at the source, making it as difficult as possible for fraudsters to lie about who they are to mobile operators and financial institutions. An effective risk-assessment engine using real-time network and subscriber data is essential.
What is SIM-swap fraud?
SIM-swap fraud is relatively simple. The fraudsters manage to get a new SIM card issued for a specific registered mobile number. This new SIM card being activated in the mobile operator's network, the legitimate users' SIM card is deactivated. The fraudsters receive an OTP, authenticate themselves to carry out transactions with the legitimate users' bank account, initiating money transfers, withdrawals, and purchases.
How it happens ?
Protect customer's account takeover with Gemalto Mobile Fraud Protection solution
To fight fraud, banks need real-time insight when using mobile phones for banking or authentication to detect any suspicious behavior before the fraud can take place. By improving their risk-assessment engine, banks can prevent SIM-swap fraud and malicious account takeover.
Mobile operators are the perfect partner for banks, with their rich resources of data to feed into risk assessment. Moreover, playing an active role in the fraud protection ecosystem will not only help them to move up in the value chain and be ahead of the game with regard to phone hijacking prevention procedures, but will also generate a new revenue stream through the monetization of subscriber data.
But to do this, mobile operators need a neutral, trusted partner to help build a secure data monetization ecosystem and act as the trusted link between themselves and banks or service providers.
Gemalto specializes in secure solutions and has a wealth of experience in securing identity verification for online services and preventing account takeover fraud, and our Mobile Fraud Protection solution is the perfect tool for the job.
Gemalto's Mobile Fraud Protection solution manages opt-in consent, and collects and aggregates real-time user data and network information, including SIM or device replacement, location and roaming data, etc., integrating it into a fraud scoring system. It then generates a confidence score that is sent back to the bank, helping better assess risk.
Gemalto solution is enough flexible to be adapted to the customer, so on top of the scoring solution, we can offer dedicated APIs to consume directly the information from our solution.
The bank is then able to decide whether a given subscriber's behavior is potentially fraudulent, and whether any further authentication is required.
If a customer's mobile account is the subject of a malicious takeover, the bank can take appropriate action before fraudsters can withdraw funds, change passwords, or set up new payment beneficiaries.
Gemalto's Mobile Fraud Protection solution will help you:
- Prevent SIM-swap fraud
- Make one-time passwords more secure
- Secure authentication
- Protect against account takeover
- Secure "add new payee" transactions
- Manage opt-in user consent in compliance with new privacy-by-design regulations
What Mobile Fraud Protection can do for you:
Benefits for mobile operators:
- Offer new propositions to digital service providers through personal subscriber information and account status with opt-in permission
- Generate a new revenue stream through data monetization
- Prevent subscriber churn through improved security
- Offer a flexible integration mode
Benefits for banks:
- Cover most subscribers in the country
- Ensure account takeover protection to protect end-user accounts
- Secure banking online services
- Detect fraudulent practices:
- With push notification as soon as a SIM-swap occurs
- In Pull mode, with a SIM-swap history when a customer tries to connect
Benefits for digital service providers:
- Securely fight ID fraud by using attributes such as recent SIM-swap change, device change, location, roaming, etc.
- Secure online purchases and services
- Provide a safe online environment for consumers
Benefits for consumers:
- Share opt-ins to avoid misleading use of handset
- Enjoy more secure mobile authentication and identification
- Greater reassurance in terms of online banking security
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