It’s one of the most prominent risks faced by consumers and businesses alike – and it’s on the rise. The good news is that Callsign is tackling the fraud threat head on.
A very modern threat
Spanning everything from loyalty schemes to bank accounts, account takeover is one of the most prominent fraud risks consumers face. It’s a great business to be in – if you’re one of the bad guys. Imagine the job description: remote working, flexible hours and salaries that reach into the hundreds of millions. For businesses, account takeover is a huge challenge, made more complex by consumers who expect seamless access as well as complete protection.
Keeping businesses secure and customers happy
Organizations have both first and second person fraud to think about. Because it’s not just fraudsters committing identity theft, but genuine users lending their accounts to other people or attempting to log in from unlicensed locations.
Our real-time identification and authentication technologies stop fraud not only at the point of entry, but throughout a transaction, interaction or session.We can help
The ways and means of identity fraud
Fraud isn’t limited to cybercriminals hacking into bank accounts. Often it involves other consumer accounts, like air miles and hotel loyalty schemes, which fraudsters see as sitting ducks, allowing for easy-access routes to further identity fraud. It’s usually the business that counts the cost, rather than the consumer. Here’s three ways businesses can be hit by fraud:
The straightforward takeover of accounts. Often done through fraudsters using social engineering tactics to gain the data they need to mimic a user’s identity and infiltrate accounts. Fraudsters will then use the user information they have collected for financial gain.
Mobile phones, in particular, are a breeding ground for account takeover. By requesting a SIM swap or call divert, fraudsters can pose as the account holder and authenticate via mobile phone – whether that’s with a one-time password or by receiving a security call.
First Person Fraud
First person fraud, including things like true name fraud and synthetic identity fraud, is hugely common. These are the kinds of threats are traditionally difficult to spot, especially without a software-based identity solution, as fraudsters are using genuine identities, or parts of genuine identities, to dupe businesses.
It’s not just fraudsters businesses need to be aware of. Account borrowing – or second person fraud – is an equal risk. Examples include users allowing third parties the use of their accounts, or using accounts in unauthorized locations – breaking copyright laws or compromising the security of accounts in the process.
How Callsign changes the rules for account takeover
Callsign’s Intelligence Engine pinpoints fraudsters at the point of entry. By using all of the thousands of data points available, such as typing or swiping techniques, location, online habits, face recognition, devices, and yes, even passwords, we can determine if someone is who they say they are. Our solution for countering the fraud threat includes:
Callsign’s dynamic, intelligent, real-time authentication journeys stop cyber criminals in their tracks. Improving identification security and ensuring no false positives.
Callsign analyzes and correlates the location, device and behavioral data of applicants, and identifies BOTs.
Callsign defines a specific, step-up authentication journey when enhanced due-diligence is expected or required, especially with high value interactions or transactions.
Callsign enables businesses to prove who made a transaction, and so avoid the costs associated with disputed claims, while staying compliant with regulations.
Callsign cross-references with live telecoms data to further verify that someone is who they say they are. Helping to flag fraudulent activity and prevent account takeover.