São Paulo, Brazil, November 16, 2023 - Prove Identity, Inc. ("Prove"), the global leader in digital identity, today announced that Elo, a 100% Brazilian payment technology company, will be leveraging Prove’s identity verification solutions to improve its customer experiences while also combating SIM swap fraud and the proliferation of "orange accounts" in Brazil.
Elo, which has been in the market since 2011, has established a dedicated Fraud Prevention Solution Unit to deliver advanced security services to its owners and card issuers. With over 37 enterprises issuing cards across Brazil, Elo is committed to ensuring the highest level of protection for its customers' financial transactions.
“We are thrilled that Elo has joined the growing number of Brazilian companies benefitting from Prove’s digital identity solutions,” said Scott Bonnell, Chief Revenue Officer at Prove. “With Prove’s unique technology, which gives companies insight into the risk of a given phone number, Elo and its owners and card issuers will be able to verify user identities, and detect and prevent SIM swap fraud while also improving customer experiences and accelerating revenue.
SIM swap fraud occurs when criminals fraudulently obtain a mobile subscriber's information and transfer their phone number to a new SIM card under their control. This allows fraudsters to gain unauthorized access to sensitive information, including banking details, potentially resulting in financial loss and identity theft for unsuspecting victims. With Prove Identity's Trust Score+ solution, Elo will have a powerful tool to evaluate the trustworthiness of each mobile transaction, significantly reducing the risk of SIM swap fraud while also reducing friction for users and making the customer experience faster and easier.
Additionally, Elo recognizes the pressing issue of "orange accounts" (Contas Laranjas) in Brazil, which refers to the unauthorized opening of bank accounts by individuals or criminal organizations. These accounts are often used to facilitate illicit activities such as money laundering and fraudulent transactions. Through Prove's solutions, Elo aims to provide banks with effective tools to identify and prevent the proliferation of "orange accounts," thereby safeguarding the integrity of the financial system.
“Elo's commitment to enhancing security measures aligns with our mission to provide secure and reliable payment solutions to our customers,” said Vilma Lorey, Director of Operations at Elo. “By partnering with Prove and implementing Prove’s best-in-class digital identity solutions, we are excited to strengthen our position as a trusted payment provider in Brazil, fostering greater confidence among consumers and the financial community.”
“We are excited to expand our presence in Brazil through this strategic partnership with Elo,” said Paulo Nascimento, Senior Director of LatAm Sales at Prove. “Our solutions help prevent both sophisticated and common forms of fraud, including SIM swap fraud, account takeover fraud, and synthetic ID fraud while streamlining the customer experience, and allowing for simple customer adoption. Through this partnership, even more Brazilian businesses can now leverage these powerful new tools to secure high-risk events, and protect consumers from digital threats while also accelerating revenue and enhancing customer experience.”
Prove enables businesses to provide frictionless digital consumer experiences without compromising security. With Prove’s advanced identity verification and authentication platform and Prove Identity Network®, trusted digital transactions are assured throughout the user journey. More than 1,000 businesses, including 9 of the top 10 U.S. banks, rely on Prove to boost revenue, improve customer acquisition, enhance cybersecurity, mitigate fraud, and eliminate costs of legacy identity verification solutions. Learn more at www.prove.com and follow us on LinkedIn.
Elo is a leading Brazilian payment technology company. With 12 years in the market, it has more than 42 million active cards, in partnership with 37 issuers. Its acceptance encompasses 8.6 million active establishments across the country, in addition to 200 countries and territories. Elo is one of the best companies to work for, according to the 2022 Great Place to Work Financial Institutions ranking.
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Elo Press Contact
Izabella Marconi | +55 (11) 98249-4205 | firstname.lastname@example.org
Weldher Rodrigues | +55 (11) 94149-1497 | email@example.com
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