• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Prove Identity Releases New Solution to Fight Push Payment Fraud

June 9, 2022

Prove Identity is launching a new service that is designed to cut down on Authorized Push Payment (APP) fraud in the UK. The Trust Score service analyzes telecommunications signals to watch for signs of social engineering, giving financial institutions the opportunity to step in before a customer falls victim to an APP scam.

Prove Identity Releases New Solution to Fight Push Payment Fraud

In an APP fraud scheme, the fraudster will reach out to a customer under false presences, posing as a representative from a legitimate business to persuade the victim to send a payment from their account. Since the customer is the one initiating and authorizing the transaction, it often looks legitimate to less sophisticated fraud prevention systems, and limits the legal options that are available to those looking to recover the missing funds. In that regard, only 42 percent of the £854 million lost through APP fraud was returned to customers in a two-year window between 2019 and 2021, according to Prove.

Prove’s Trust Score uses cryptographic authentication to verify the information that is being exchanged during a financial transaction. Cybercriminals who are perpetrating an APP scam can reach out with a phone call, an email, or a text message, and Trust Score can monitor all of those channels to watch for anything that seems suspicious.

At the moment, Prove has partnered with two mobile operators in the UK. Trust Score analyzes transactions in real time, and is expected to reduce fraud loses for financial institutions.

“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 VP Keiron Dalton. “We are excited to be a key element of a hugely collaborative ecosystem containing both major mobile operators and financial associations, as we deliver cryptographic authentication technology to mitigate fraud and protect consumers from being scammed.”

In 2021, Prove acquired UnifyID to add behavioral biometrics to its portfolio. The company would later be named as a leader in Identity Verification Software in G2.com’s Winter 2021 report.

Filed Under: Industry News Tagged With: anti-fraud solutions, APP fraud, Authorized Push Payment fraud, behavioral biometrics, Biometric, biometrics, mobile network operators, Prove Identity, risk scores, risk scoring, United Kingdom

Related News & Articles

Cerence Furthers Integration of what3words Navigation System

Apple Patent Expands the Touch Bar with Face ID and Retinal Scanning

Chinese AI Startups Overtake US Firms in VC Backing: Report

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • NordPass, Yahoo! Japan, and Regula Keep Up Mobile Biometrics Momentum
  • NordPass Enables Biometric, TOTP-secured 2FA for Business Users
  • Mastercard Solution Certified Under UK’s Digital ID Framework
  • Transatlantic Digital Traveler Identity Project Gets High-Profile Tech Partner
  • Digital Identity Tech Demo Online Event

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld