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Adeptra and ValidSoft announce SIM swap fraud solution for banking industry

May 2012 by Emmanuelle Lamandé

Adeptra announced that in partnership with ValidSoft (a subsidiary of Elephant Talk Communications Corp.), it has developed, tested and implemented the detection and prevention application to tackle the growing problem of SIM card fraud for the banking industry. The solution combines ValidSoft’s unrivalled fraud detection technology, with the functionality of the cloud based Adeptra Risk Intervention Platform.

Following a successful pilot project at a long-standing Adeptra client, one of the world’s largest banks is the first to adopt the application. This solution provides the marketplace an opportunity to engage and understand customer data in a way that protects the banks and their customers within a real-time intervention delivered by Adeptra. This is the first Adeptra partner to successfully address the issue of SIM card fraud. The bank’s adoption of the application is another stage in its work to secure all transaction channels by using leading edge technology and Adeptra’s cloud based Risk Intervention Platform to deliver the process.

SIM swapping is a financial crime that is increasing in frequency, where fraudsters obtain and utilise a replacement SIM card to acquire security messages and one-time passwords sent to the consumer by the bank. Criminals are then able to change details, add beneficiaries and transfer money out of the account using personal information that may have been acquired through phishing attempts. While most types of financial fraud are recognising reductions due to chip and pin, phone fraud saw a 48% increase in 2011.

The deployment at the bank comprises SIM swap protection provided by ValidSoft’s baseline processing system, coupled with its unique predictive modeling capabilities. Once a suspected case has been highlighted, Adeptra’s Decision Engine considers all available detection sources and a wide array of consumer data to ascertain the risk level. The system will then determine whether a communication is required and initiates the communication via the most appropriate channel for that particular customer.

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