The newly introduced service combines ValidSoft’s fraud detection technology with the functionality of the cloud based Adeptra Risk Intervention Platform. The bank, whose name has not been unveiled, has deployed SIM swap protection provided by ValidSoft’s baseline processing system, in addition to its predictive modeling capabilities. Once a suspected case has been highlighted, Adeptras Decision Engine considers all available detection sources and a range of consumer data to ascertain the risk level. The system will then determine whether a communication is required and initiates the communication via the most appropriate channel for that particular customer.
The service has been deployed by a major bank after a trial period. The application enables the marketplace to engage and understand customer data while protecting banks and their customers against fraud.
SIM swapping is a financial crime where fraudsters obtain and use a replacement SIM card to acquire security messages and one-time passwords sent to the consumer by the bank. Criminals will then be able to modify details, add or remove beneficiaries and transfer money. While most types of financial fraud are recognizing reductions due to chip and pin, phone fraud has jumped 48 percent in 2011.
ValidSoft is a subsidiary of Elephant Talk Communications and provides services to counter electronic fraud relating to card, the internet and telephone channels. ValidSofts services are used to verify the authenticity of both parties to a transaction (Mutual Authentication) and the integrity of the transaction itself (Transaction Verification) for the mass market.
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