Digital identification firm Prove Identity is partnering with financial firms and mobile carriers in the U.K. and using its Trust Score to step up the fight against authorized push payment (APP) fraud and scams.
Prove’s Trust Score aims to help banks better fend off APP attacks by analyzing telecommunications signals and behavior patterns to spot possible fraud-like activity during high-risk transactions, according to a Tuesday (June 7) press release.
“APP scams are among a newer set of scams that rely on socially engineering humans to authorize transactions. These scams are even more detrimental since the transactions are initiated by the consumers themselves, so it’s imperative that we have an understanding of what constitutes unusual activity while delivering services to legitimate consumers securely and with little friction,” said Prove UK and EU Vice President Keiron Dalton.
Dalton added that Prove is a central part of what is now a “hugely collaborative ecosystem containing both major mobile operators and financial associations.” The company’s cryptographic authentication technology is focused on reducing fraud protecting people “from being scammed of their hard-earned savings.”
APP scams involve fraudsters tricking victims into willingly making large bank transfers to them, usually by phone, email or text message. Once the victim authorizes the transfer, they have no legal protection to recover the losses.
Prove uses cryptographic authentication as the source of truth, which lets relying parties such as financial institutions, companies and governments know that the data authenticated by users is actually true, according to the release.
The launch of Prove’s Mobile Auth has been successful in negating fraudsters’ chance to use social engineering to compromise SMS one-time passcodes. Prove said it is the first firm to “provide connectivity for scam signals with two major UK mobile operators.”
The firm said over 1,000 enterprise customers are currently using Prove’s platform to process 20 billion customer requests every year across multiple industries — banking, lending, healthcare, gaming, crypto, eCommerce, marketplaces and payments