Fraud Prevention for banks, credit unions, and payment companies
Smarter fraud detection. Better customer experience.
Financial Fraud Prevention
With fraud evolving faster than ever, traditional rule-based fraud detection systems struggle to keep up.
Zumigo financial fraud prevention takes a modern approach, providing real-time verification against authoritative sources without the hassle of back and forth between multiple risk vendors.
Zumigo combines mobile identity intelligence, identity verification, authentication, and risk signals into a flexible platform designed for financial institutions of any size. By leveraging real-time signals from authoritative sources, financial organizations can verify identities, assess risk, and reduce fraud without adding friction to the customer experience.
Zumigo works in milliseconds to score every interaction before it becomes a problem. You get real-time decisions at account opening, login, and transaction time without adding friction to the process for legitimate users. The result? Fraud prevention that reduces fraud losses and provides a smoother experience for your customers.
Trusted by leading global financial institutions
- 95%+ U.S. mobile numbers verified
- 250+ enterprises supported
- 4.5B+ mobile numbers across 180+ countries
Built for institutions that can’t afford to get identity wrong, Zumigo delivers the precision and scale global finance demands.
Built for Financial Institutions
Zumigo’s financial fraud prevention platform is built to adapt to the scale and complexity of different financial organizations.
- Fintech, Payment & Banking Platforms: Support onboarding, account verification, authentication, and payment experiences while reducing friction across digital customer journeys.
- Large Banks & Credit Unions: Protect checking and savings accounts, debit cards, online banking portals, and account recovery workflows from…
Built for Financial Institutions
Zumigo’s financial fraud prevention platform is built to adapt to the scale and complexity of different financial organizations.
- Fintech, Payment & Banking Platforms: Support onboarding, account verification, authentication, and payment experiences while reducing friction across digital customer journeys.
- Large Banks & Credit Unions: Protect checking and savings accounts, debit cards, online banking portals, and account recovery workflows from account takeover and unauthorized transactions.
- Regional & Community Banks: Modernize onboarding and fraud prevention while supporting customer trust and compliance initiatives.
- Digital Banks & Neobanks: Built for fast onboarding and mobile-first experiences. Verify identities remotely, screen transactions in real time, and prevent synthetic fraud without adding steps that cause drop-off.
- Lenders: Detect synthetic applications and identity manipulations at origination.
- Insurance Providers: Combat application fraud and ghost policies using identity verification and risk insights.
Biggest Financial Fraud Threats
As technology evolves, fraudsters are taking advantage, using new methods to commit fraud. To protect your financial institution from fraud, you need to be aware of the biggest threats of today.
- Synthetic identity fraud: Scammers combine real and fake information to create new identities to carry out new account fraud and load fraud against financial institutions.
- Account takeover (ATO): Fraudsters gain access to a legitimate user’s credentials to take over accounts, drain funds, or make unauthorized purchases.
- Payment fraud: Scammers use stolen credit or debit card details to make unauthorized purchases or withdraw money.
- New account fraud: Fraudsters open accounts using stolen or synthetic identities to access credit, loans, or rewards programs.
- SIM Swap Fraud: Fraudsters transfer a victim’s mobile number to intercept authentication messages and gain access to accounts.
Fraudsters remain persistent, but with the right tools, you can stop them in their tracks.
Financial Fraud Detection
Detecting fraud is about connecting dots that most systems miss. A stolen credit card used from a new device. A synthetic identity opening multiple accounts across different institutions. A legitimate account suddenly logging from an unusual location at 3 AM. Alone, these signals may look harmless, but together, they provide a clear picture.
Zumigo’s detection engine connects these dots by analyzing hundreds of signals per interaction, including:
- Device reputation: Has the device been connected to fraud previously? Is it being used with a VPN or proxy server?
- Location intelligence: Does the user’s IP and billing address align? Or are there any anomalies that may suggest spoofing?
- Behavioral patterns: How fast does the user type? Do they navigate like a human or bot? Is the usage pattern stable or does it spike unnaturally?
- Popularity & Velocity: Is this device, phone number, or email appearing across too many accounts too quickly?
- Historical risk scoring: Has this identity grown naturally over time or has it popped up suddenly in a widespread manner?
Analyzing these signals, Zumigo helps you detect and prevent financial fraud before it happens.
Fraud Protection Across the Financial Customer Journey
Not every new account or transaction is fraudulent, so why treat them that way? Zumigo’s platform adapts to the specific type of fraud you’re facing, providing targeted defenses without unnecessary friction for legitimate users.
- Account openings: Verify identity at onboarding with device intelligence and location matching. Catch synthetic identities before they enter your system.
- Account logins: Detect credential stuffing and ATO attempts by analyzing login velocity, device changes, and geo-anomalies. Prompt step-up verification only when risk is elevated.
- Loan and credit applications: Cross-reference applicant data against device history and location patterns. Flag loan stacking and synthetic applications early in the process.
- Digital payments: Screen transactions in milliseconds using device reputation, location consistency, and behavioral signals. Reduce false declines while blocking high-risk payments.
- Reward programs: Prevent abuse of sign-up bonuses, referral rewards, and loyalty points by verifying uniqueness of devices and identities behind each claim.
Zumigo in Action: Real Results for Financial Institutions
Zumigo’s platform is trusted by some of the world’s largest financial organizations. Here’s how some of the leading institutions are using it to fight fraud and improve customer experience.
Use Case: Improving Identity Security and Reducing Fraud for a Global Payment Platform
An online payment company operating in over 200 markets with nearly 500 million active account users needed a way to verify and authenticate new accounts at onboarding while keeping fraud in check on an ongoing basis. The challenge: ensuring users are who they claim to be across desktop, mobile web, and native app environments.
Zumigo performs real-time checks at the moment of onboarding, including whether a mobile number has recently been ported, whether the account is active or inactive, carrier information, SIM swap activity, and name, address, and email match. The result is a frictionless but secure onboarding experience at global scale.
Use Case: Boosting Credit Card Application Rates for a Top US Bank
One of the largest US banks wanted to increase credit card signups through mobile devices, but was seeing a huge abandonment rate due to the friction of filling out long forms on a small screen.
Zumigo’s Identity Verification with Pre-fill solved this by passively authenticating the mobile number of the device and automatically pre-filling the application with the user’s verified PII. The results were significant: a double-digit increase in credit card signups, fraud risk reduced by 73%, operational overhead reduced by 30%, and the ability to open an account in as few as 9 keystrokes.
Use Case: Securing the OTP Process for a Fortune 500 Investment Bank
A Fortune 500 global investment bank serving corporations, governments, institutions, and individuals needed to protect its one-time passcode process after discovering that OTPs were being intercepted to hack into user accounts, leading to financial losses and eroding customer trust.
Using Zumigo, the bank now checks for SIM swap activity before sending SMS OTPs, and verifies call handling information before delivering voice OTPs. This ensures that passcodes reach the intended recipient, not a fraudster who has taken over their number.
Financial Fraud Prevention Features
Stop fraud before it hits your bottom line with Zumigo’s powerful suite of fraud prevention features. Every financial institution faces different risks, which is why Zumigo lets you tailor your fraud prevention rules using our intuitive builder tool, IDV Builder. Whether you’re looking to flag high-risk transactions, block suspicious logins, or comply with KYC regulations, the builder puts you in control.
Key financial fraud prevention features include:
- Real-time risk scoring: Evaluate transactions and account actions in milliseconds based on a wide range of signals.
- Multi-layered verification: Combine device intelligence, location data, and behavioral signals for a clear picture of each interaction.
- Seamless integration: Connect your existing payment gateways and banking APIs with minimal effort.
- Passive verification: Verify customers passively using their mobile phone number during signup.
- Multi-factor authentication: Enable passwordless authentication and step-up verification using OTPs via SMS, voice, passkeys, and Silent Network Authentication (SNA).
Financial Fraud Prevention Tools
Deter fraud across the entire customer journey with our comprehensive financial fraud prevention tools. Each solution can be used independently or layered with other tools for increased security.
- Zumigo Assure Identity: Authenticate consumer and business identities without friction using real-time data from authoritative sources.
- Zumigo Assure Insights: Make confident decisions about digital identities and transactions with trust scores based on signals from devices, locations, and behavioral data.
- Zumigo Assure Authentication: Enable seamless signups and logins with passkeys, one-time passcodes, and Silent Network Authentication (SNA).
Additionally, Zumigo provides tools to protect financial institutions with regulatory and policy compliance tools with Zumigo Assure Sentinel, which streamlines regulatory compliance with automated sanctions screening and policy compliance with PEP & Adverse Media screening across global markets.
Why Financial Institutions Choose Zumigo
- Built for Finance: Our platform is designed specifically to detect fraud schemes that affect finance institutions every day. Our solutions prevent financial fraud and support KYC, KYB, and AML compliance.
- Real-time insights: Real-time data lets you verify info instantly without mountains of paperwork. Reduce friction when onboarding new customers or businesses while protecting your organization from fraud.
- Flexible deployment: Choose from our SDKs, low/no code customization with IDV Builder our builder tool, or open API access for custom integration.