Fraud Detection with Aspect Verify

Businesses face the challenge of maintaining consumer trust when sending sensitive information while providing the best, most convenient customer service experience possible. Aspect® Verify addresses these concerns invisibly within a non-intrusive mature cloud infrastructure.

Aspect Verify helps businesses better understand customer behaviour and ensures no sensitive communications, such as the delivery of one-time passcodes, have been compromised.

Financial institutions adopting a customer centric business model are aiming to provide the best possible consumer experiences. This change in focus requires businesses to continuously find innovative ways to fulfill – even exceed – customer needs; providing rewards to ensure brand loyalty and trust. Unfortunately, fraud often compromises these efforts and damages consumer trust.

Financial institutions must find better ways to manage and resolve fraudulent activity at the convenience of the customer. Organisations able to do this will excel in the market and ensure a positive customer perception and experience of their brand.

As new interaction channels for consumer engagement gain popularity, the accumulation of micro customer experiences has become more complicated to manage and keep secure.

Banks are continuing to see an increase in online activity – with some seeing their numbers double in the past two years. This significant rise in online engagement has made their customers more susceptible to fraud.

Internet Security

Aspect Verify uses a variety of metrics focused on three key areas:

  • Know your customer
  • Behavioural understanding
  • Transactional insight

Insight is generated from transactions, customer engagement and mobile network level data. The data is captured independently of applications and is thus less susceptible to compromise.

The flexibility inherent within Aspect Verify allows for easy integration with any risk engine. Additionally, the platform is designed to be easily deployed into any business infrastructure and process. Aspect Verify is channel agnostic, with a focus on the phone number in use and associated potential compromise.

SIM Swap

SIM Swap

Fraudsters obtain duplicate SIM card so all calls and texts to the victim's number are routed to the fraudster's phone, including one-time passwords for banking transactions. Aspect Verify performs live lookups at the point of transaction/communication to see there is a discrepancy and establishes if the fraudster has obtained a duplicate SIM card, thus posing as a consumer and intercepting messages intended for the consumer.

Two-Factor Authentication

Two-Factor Authentication

Two-factor authentication is an extra layer of security designed to ensure that the customer is the the only person who can access their account, even if someone else knows their password. It typically uses SMS or Voice—but all channels can be used, and it removes the need for secure tokens or other cumbersome methods.

 
Divert Detection

Divert Detection

Aspect Verify detects redirected calls and forwarded SMS messages. A real-time check, which is performed at the mobile network level and initiated via the SaaS web-based application, is completely transparent to the consumer as it does not require an application be installed on their mobile device. If fraudulent activity is detected, automated communication can be triggered.

Location Verification

Location Verification

Aspect Verify identifies the location of a customer’s mobile device in relation to known fraud hotspots, establishing historical patterns of mistrust as an indicator of potential fraud.

 

What is Fraud Detection?

At a time when online fraud is on the rise, mobile is the ultimate “possession factor”, and the most relevant form of identification. Mobile fraud detection leverages consumer behavior data, device location, and voice biometrics to determine if fraud has occurred. Because fraud detection leverages backend server processes it is not intrusive to the consumer unless there is suspicious activity.