Prove Fights allows push payment fraud in the UK

Digital ID company Prove Identity partners with financial firms and mobile operators in the UK and uses its trust score to step up the fight against authorized push payment (APP) fraud and scams.

Prove’s Trust Score aims to help banks better ward off APP attacks by analyzing telecommunications signals and behavior patterns to detect possible fraud-like activity during high-risk transactions, according to a press release from the Prove. Tuesday, June 7.

“APP scams are part of a newer set of scams that rely on social engineering humans to authorize transactions. These scams are even more harmful since the transactions are initiated by consumers themselves, it It is therefore imperative that we understand what constitutes unusual activity while providing services to legitimate consumers safely and with little friction,” said Prove UK and EU Vice President Keiron Dalton.

See also: Report: 73% of consumers want control over how they prove their identity

Dalton added that Prove is a central part of what is now an “extremely collaborative ecosystem containing both major mobile operators and financial associations”. The company’s cryptographic authentication technology is focused on reducing fraud by protecting people “from being cheated out of their hard-earned savings.”

APP scams involve fraudsters tricking victims into voluntarily making large bank transfers to them, usually by phone, email, or text message. Once the victim authorizes the transfer, they have no legal protection to recover the losses.

Read more: PYMNTS Intelligence: Fight against check fraud and payment platform

Prove uses cryptographic authentication as a source of truth, which lets dependent parties such as financial institutions, businesses and governments know that data authenticated by users is actually true, according to the release.

The launch of Prove’s Mobile Auth successfully stopped fraudsters from using social engineering to compromise one-time SMS passcodes. Prove said it was the first company to “provide connectivity for scam signals with two major UK mobile operators”.

The company said more than 1,000 enterprise customers currently use Prove’s platform to process 20 billion customer inquiries each year across multiple industries – banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces and payments.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

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