# 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. .webp) ### 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. ## Trusted by the world’s leading companies .svg) .svg) .svg) .svg) .svg) .svg) ## 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 | Fraud Type | Coverage by Prove Offering | |----------------------------------|-----------------------------------------------| | Identity Theft | Prove Auth®, Trust Score®, Trust Score+, Identity Verify℠, Prove Pre-Fill® / Prove Identity® | | First-party Fraud | Prove Auth®, Trust Score®, Trust Score+, Identity Verify℠, Prove Pre-Fill® / Prove Identity® | | Bot Attacks | Prove Auth®, Trust Score®, Trust Score+, Identity Verify℠, Prove Pre-Fill® / Prove Identity® | | Physical Theft of Phone | Prove Auth®, Trust Score®, Trust Score+, Identity Verify℠, Prove Pre-Fill® / Prove Identity® | | Phone Takeover | Prove Auth®, Trust Score®, Trust Score+, Identity Verify℠, Prove Pre-Fill® / Prove Identity® | | Synthetic Identities | Prove Auth®, Trust Score®, Trust Score+, Identity Verify℠, Prove Pre-Fill® / Prove Identity® | ## 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. .webp) ### 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.' .webp) ### 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. .webp) ### 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. .webp) ### 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. .webp) ### 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). .webp) ### 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.