Mobile wallet allows a user to make a payment using the payment information stored in an app on the smartphone. Fraud occurs when stolen credit cards are added to a mobile wallet. This allows fraudsters to circumvent EMV credit card security measures and make fraudulent purchases.
Zumigo automatically compares the device mobile number to the mobile number on the mobile wallet, and the name and address on the mobile wallet to the name and address on file with the carrier and credit card issuer. In addition, Zumigo also checks for the device’s mobile subscriber identity (IMSI) and the subscriber identity module (SIM) card information, looking for any changes to the risk profile of the device (KYD) since the last time it was seen.