NEW YORK--(BUSINESS WIRE)--Prove Identity, Inc. (“Prove”), the leader in digital identity, today announced that it is partnering with financial organisations and mobile carriers to use cryptographic authentication to fight authorised push payment (APP) fraud and scams in the UK. Prove’s Trust Score helps banks fight APP scams by determining potential fraudulent behavior during high-risk transactions using telecommunications signals.
APP fraud occurs when fraudsters trick consumers or businesses into sending payments under false pretenses to a bank account controlled by the criminal. Bad actors typically do this through phone, email, or text message, and once the consumer has authorised the payment themselves, they have no legal protection to recover the losses. Between July 2019 and the end of June 2021, £854m was lost across 306,573 cases of APP fraud, and only 42% of losses were returned to consumers.
“APP scams are among a newer set of scams that rely on socially engineering humans to authorise 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 Keiron Dalton, UK and EU Vice President at Prove. “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 help mitigate fraud, and protect consumers from being scammed of their hard-earned savings.”
Prove’s cryptographic authentication allows relying parties (financial institutions, companies, and governments) to trust that the data asserted by users during authentication and verification events is actually true, by leveraging cryptography as the source-of-truth.
Following the successful launch of Mobile Auth, where Prove created a method of authentication that removed the opportunity for fraudsters to compromise SMS one time passcodes via social engineering, the company is now the first to provide connectivity for scam signals with two major UK mobile operators.
Prove’s approach has always been one of collaboration and tangible data science to measure outcomes. Prove’s Mobile Auth deployments have yielded dramatic fraud cost reduction for major UK banks. With its scam signal involvement, Prove is again providing real time insight alongside high risk transactions to determine potential activity suggesting social engineering is taking place. The results are proving to be powerful as the capability matures.
Prove is the first company to provide access to APP specific cryptographic authentication solutions via two major mobile operators. For more information about the partnership or Prove’s cryptographic authentication technology, visit prove.com.
About Prove Identity, Inc. (“Prove”)
As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. For the latest updates from Prove, follow us on LinkedIn.
