Today nearly every aspect of our lives involves online interactions. The risk of account takeovers (ATO) has surged. According to LexisNexis, in 2021, almost a quarter of identity-related fraud in North America was a form of ATO. Cybercriminals exploit every vulnerability to gain unauthorized access to user accounts using compromised credentials that are readily available on the dark web. The result is increased incidents of identity theft and financial loss.
Conventional security measures like passwords, two-factor authentication (2FA), or knowledge-based authentication (KBA) security questions are no longer sufficient to thwart the evolving tactics of sophisticated cybercriminals because the answers (e.g., what’s the name of your high school mascot?) and credentials are easily available.
Today, mobile numbers are widely used as log-in credentials and have also become a common target for attackers, who can initiate ATOs against users even when the attackers don’t have physical possession of the phones. For example, an attacker could use the account recovery process to reset passwords in order to access accounts where they couldn’t before.
Interestingly, you would be shocked to know that many of today’s security solutions don’t verify whether the rightful owner is in possession of the phone number being used for security validation before authorizing access to a privileged service.
Zumigo’s Approach to Authentication
To improve cybersecurity measures and protect users from the perils of account compromise, we advocate the “continuous adaptive trust” approach: to continuously assess and adjust the level of trust granted to users, devices, and applications based on real-time mobile phone number risk analysis.
This is a huge improvement over the traditional authentication measures which often rely on static, binary access controls (e.g., username/password) that grant access or deny it based on predetermined rules. In today’s dynamic and interconnected digital environments, such static measures can be insufficient to address sophisticated threats and attacks.
Zumigo takes a proactive and dynamic approach to user authentication, enhancing security while providing a seamless user experience when mobile phone numbers are leveraged as a unique identifier for Customer Identity Access Management (CIAM).
Zumigo Solution Features to Prevent ATO
Zumigo solutions provide the following key features and mechanisms, making it a powerful weapon against account takeovers.
Mobile Number Intelligence
Zumigo’s platform harnesses the power of mobile number intelligence, using it as an essential data point to establish the authenticity of a user. The system collects and analyzes an array of deterministic – not predictive or historical – data related to a mobile number, including carrier information; device type and any changes in device; account tenure; and location history. This real-time data is instrumental in calculating a real-time account takeover protection (ATP) score: to determine whether the device associated with the phone number is genuinely in the possession of the account holder or being used by a potential attacker.
Real-time Contextual Analysis
Unlike traditional authentication methods, Zumigo solutions continuously monitor and evaluate user interactions throughout the entire consumer journey. Zumigo takes into consideration factors like device changes, location shifts, and behavioral patterns to ensure any deviations from the norm are promptly flagged. This adaptive approach allows the system to assess the trustworthiness of the user at each interaction in real-time, significantly reducing the risk of account takeovers.
Multi-Factor Authentication (MFA)
Zumigo’s mobile identity solution works with existing multi-factor authentication (MFA) mechanisms, providing an additional layer of security. By validating the user’s identity through the mobile number, the platform ensures that even if an attacker successfully acquires login credentials, they still don’t have access to the verified phone number.
Designed for Frictionless Experience
One of the significant advantages of Zumigo’s deterministic phone number identification is its user-friendly nature. As the authentication process revolves around the user’s mobile phone number, the need for complex passwords or additional hardware tokens is minimized. This simplicity fosters positive user experiences, leading to higher user adoption rates and reduced friction during login attempts.
How Zumigo’s Customers Are Experiencing Real-world Impact
Zumigo verifies over 1.5 billion global transactions annually, and protects over 300 million US bank accounts from fraud. Here’s a customer story that showcases how Zumigo has been partnering with banks to prevent account takeovers.
A major financial services institution integrated Zumigo mobile identity verification solution into its Customer Identity Access Management (CIAM) framework. Upon implementation, the institution witnessed a significant decline in account takeover attempts. Zumigo’s real-time contextual analysis immediately identified suspicious login attempts, blocking unauthorized access and safeguarding its customers’ assets.
How We Can Help Your Business
Account takeovers are a persistent and evolving threat in today’s digital landscape, affecting individuals and businesses alike. Zumigo’s deterministic mobile number identity solution uses a proactive and dynamic approach to user authentication. By harnessing mobile number intelligence, real-time contextual analysis, and fraud detection, Zumigo empowers businesses to safely leverage mobile numbers as credentials and protect their users from unauthorized access attempts.
As technology advances and cybercriminals become more sophisticated, solutions like Zumigo’s are invaluable in staying one step ahead. Embracing innovative approaches to security is the key to fostering trust, safeguarding sensitive information, and ensuring a secure digital future for all.
Contact us to learn how we can help you reduce bottom line loss due to fraud, increase top line revenue and build trust in your brand.
Brian Libonate is senior product manager at Zumigo. Comment or questions? Find him on LinkedIn.