Fraud Prevention

Stop fraud in real time

Let more good customers in while reducing fraud and risk. Leverage real-time risk and behavioral signals with a strong identity binding process that simultaneously deters fraudsters and protects your customers’ data.

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Balance risk mitigation

Balance security/risk mitigation with a frictionless, non-invasive consumer experience.

Deter and prevent fraudulent activity

Confidently manage and persist consumer identities at every point of interaction so you know exactly who you are transacting with.

Reduce costly manual reviews

Leverage real-time risk signals and identity checks to make immediate informed decisions, without costly manual reviews and intervention.

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Fraud vectors and Prove capabilities

The Prove Pre-Fill® and the Prove Identity® identity verification solutions are capable of minimizing multiple types of fraud while also maximizing consumer pass rates. Whereas, Prove’s “PRO Model℠” APIs (Possession, Reputation, Ownership℠) can protect against specific fraud scenarios.

Fraud Attack Scenarios

Frictionless fraud prevention at every interaction

Evolving fraud techniques call for modern solutions. From fraud at account opening to account takeover, take a holistic approach to protecting your customers and your bottom line. Leverage Prove’s comprehensive suite of identity solutions to drive growth while stopping fraud in its tracks.

Identity Theft

Deceptive practices involving the use of someone else's personal information to commit financial or other crimes.

Solutions

• Prove Auth® can prevent identity theft (true name) fraud by confirming that the attacker is not the rightful owner nor in possession of the victim's phone (physical device) during the transaction.

• Trust Score® will be able to detect that the phone is not held by the victim by evaluating carrier signals in real time such as the SIM, device, and carrier tenure.

• Identity Verify℠ verifies consumer identity by establishing that a consumer owns and operates a given phone number based on the consumer’s name, address, and additional attributes.

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First-party Fraud

Fraudulent activities committed by individuals against a financial institution using their own identity or accounts.

Solution

• Prove Auth® can produce detailed evidence that will discourage first-party fraud: "This transaction took place on your iPhone 12 at this time and day", essentially a 'digital watermark.'

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Bot Attacks

Automated programs or scripts attempting to manipulate online systems, often used for fraudulent activities like fake account creation or DDoS attacks.

Solutions

• Prove Auth® prevents Bot Attacks by confirming proof of possession of each phone number used by an end consumer.

• Identity Verify℠ provides phone ownership status to confirm the identity of a consumer is linked to a specific phone number. Bots are unable to prove possession of a mobile number (e.g., as required by Mobile Auth℠, Instant Link℠ and SMS Delivery) at the same rate they can submit forms with scripts, effectively neutralizing the threat.

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Physical Theft of Phone

Unauthorized possession of a mobile device, potentially leading to identity theft or unauthorized access to sensitive information.

Solution

• Trust Score® and Trust Score+ will be able to detect that the phone is not held by the victim because the victim would have reported their phone lost/stolen and the carrier would have disconnected the phone number, which Prove will detect via a near real-time line status check.

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Phone Takeover

Illegitimate transfer of a victim’s phone number through a SIM swap or port attack, often used to gain unauthorized access to accounts linked to that number.

Solutions

• Trust Score+ will detect when a victim's phone number is taken over through a SIM swap or port attack. Prove identifies SIM swaps by evaluating the SIM tenure associated with a phone number and significantly reduces the Trust Score of phone numbers with a recent SIM change.

• Prove Auth® uses an on-device key, therefore a phone takeover attack will initiate from a new phone where the key is not present, which will trigger a new bind event, at which point Trust Score+ will pick up the SIM swap or port event. For SIM swap coverage, data comes directly from mobile network operators (MNOs) and requires consumer consent.

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Synthetic Identities

Creation of a fictitious identity by combining real and fake information to establish fraudulent accounts or transactions.

Solution

• Identity Verify℠ can detect synthetic identities in banking and credit reporting agency (CRA) systems that do not have corresponding synthetic data in the phone companies. Identity Verify℠ also identifies identities which have manipulated or fictitious personal information (e.g., multiple social security numbers or dates of birth).

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Prove Identity Network®

Prove Identity Network®: ingests 30B annual authentication events from PRO (possession, reputation, ownership) checks. This enables greater accuracy over time by boosting assurance levels for offerings like the Prove Pre-Fill® solution, thus verifying more good actors while reducing fraud. Prove Identity Network® also allows persistence of identities across channels and throughout the customer lifecycle which enables a better customer experience.

Differentiators

The PRO Model℠ enables a strong identity bind and enables identity to persist

• High identity confidence enables customers to self-serve high risk transactions (change addresses in-app vs. calling call center).

• The PRO Model℠ enables strength in True Name / Identity Theft Fraud.

• Frictionless identity proofing: Legacy approaches are high-friction (e.g. use out of wallet, doc scans, information validation).

• Prove has a cryptographic authenticator that we can tie to the process (the Prove Identity® solution, the Prove Pre-Fill® solution) enabling low-friction.

• Near real-time MNO verification: Identify SIM swaps and port events at the speed of fraud.

• Enables accurate (cryptographic) possession check (passively or actively).

Frequently Asked Questions

Can Prove stop synthetic identity fraud?

Yes. Prove's identity verification solutions detect synthetic identities by cross-referencing phone-centric identity signals against the Prove Identity Graph of 2.5 billion+ known identities. Unlike document-based verification, phone-centric signals are significantly harder for fraudsters to fabricate.

What types of fraud does Prove detect?

Prove detects six major fraud types: identity theft, first-party fraud, bot attacks, physical theft of phone, phone takeover (SIM swap), and synthetic identities. Each fraud vector is addressed with specific solutions from the Prove Identity Platform including Pre-Fill, Human Assurance, Verified User, and Unified Authentication.

How does Prove prevent identity fraud?

Prove prevents identity fraud by leveraging real-time risk and behavioral signals combined with a strong identity binding process. The platform detects and stops identity theft, first-party fraud, bot attacks, physical phone theft, phone takeover, and synthetic identity fraud before fraudsters can complete transactions.