Firms have the power to protect consumers by investing in real-time phone signal technology that fortifies vulnerable One-Time Passwords (OTPs) and prevents Account Takeovers (ATOs).
ATOs are not a new fraud revelation; we all know what they are, but they don’t need to be normalized as a standard cost of doing business. In 2022 alone, ATOs hit 22% of US adults and represented nearly $288 billion in fraud, and T-Mobile alone was reported to have been breached over 100 times in ATO phishing attacks – “Three different cybercriminal groups claimed access to internal networks at communications giant T-Mobile… In each case, the goal of the attackers was the same: Phish T-Mobile employees for access to internal company tools, and then convert that access into a cybercrime service that could be hired to divert any T-Mobile user’s text messages and phone calls to another device.” If ATOs are so damaging, how are they allowed to still proliferate? The root problem lies with reliance on OTPs which are simple to deploy but have critical downsides – fraud vulnerability, consumer friction, and cost.
OTPs are vulnerable to critical telephony infrastructure exploits, and firms struggle to detect these gaps:
The common thread between these methods: exploiting cybersecurity weaknesses in telephony infrastructure and stealing OTPs. While improving infrastructure is critical, it will require unprecedented cooperation between cellular carriers and government regulatory agencies and could take years to implement. In the meantime, companies must prevent ATOs by becoming more discerning about who should and who shouldn’t receive OTPs as well as understanding transaction-level risk…as it happens.
To prevent ATOs, companies need to secure OTPs by analyzing, in real-time, the trust level of a transaction through phone number intelligence and associated trust indicators - enter Prove’s Trust Score+TM. Trust Score+ leverages phone number signals from the core telephony infrastructure, proprietary data sources, and Prove’s 15+ years of phone data to identify risks based on the history of that phone number while pulling in Mobile Network Operator (MNO)/carrier data to track risky phone number behavior in real-time during high-risk events (e.g., money movement, password changes, phone number updates, etc.) to detect account takeover risk, identify device theft, unauthorized SIM swaps and ports, and more.
Key trust indicators that Trust Score+ taps into to detect and stop ATOs:
High change event velocity, low SIM and device tenures and an out-of-the-ordinary call-forwarding setting on a phone number are red flags that indicate a potential account takeover and allow firms to deploy informed decisioning.
Interested in how other firms have benefitted from Trust Score? Learn how E*Trade and another growing FinTech stopped fraud while improving consumer experience.
Leveraging Trust Score+™, companies can detect ATOs, and stop them in real-time. In order to cut down on fraud, protect customers, and strengthen business operations, companies must fortify their OTPs and decisioning protocols using phone-centric technology.
To learn more about Prove’s identity and authentication solutions and how to accelerate revenue while mitigating fraud, talk to an expert today.
Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.
Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.
Tap the button below to read our latest white-paper on the subject as industry leaders.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.