APPLYING ZUMIGO TECHNOLOGY

New Account Fraud occurs when a fraudster opens a new account using someone else’s personal information. There are numerous types of new account fraud such as utility fraud, loan fraud and credit card fraud.

How does new account fraud happen?

When applying for a new account, the fraudster uses some or all aspects of the real consumer’s identity in order to pass traditional identity verification checks that utilize credit header and public records data. However, because of recent data breaches, much of this information has been leaked and is easily accessible to career criminals.

How does Zumigo help prevent new account fraud?

Zumigo adds an additional layer of authentication that leverages multiple intelligent networks. While a fraudster may know a consumer’s name, address, Social Security number, and date of birth, they don’t often know their mobile phone number. Verifying whether the mobile phone number is associated with other user information can identify discrepancies and highlight potential fraud.

A one-time passcode (OTP) is a passcode that is valid for only one login session or transaction. OTPs are used to grant users access to accounts.

How do fraudsters intercept OTPs?

One-time passcodes are often sent to mobile phones.  Some fraudsters attempt to intercept OTPs by providing their own mobile phone number. Zumigo easily combats this method by verifying ownership of the phone number.  However, more sophisticated fraudsters attempt to intercept OTPs in additional ways, including:

• Porting the phone number away from the real consumer to another carrier or MVNO
• Performing a SIM swap by calling the carrier and saying the consumer’s mobile phone was lost, damaged, or stolen
• Remotely enabling call forwarding for the mobile phone number to receive voice OTPs
• Adding their own device to the consumer’s iCloud account to receive all text messages

How does Zumigo make OTPs more secure and reliable?

Zumigo not only verifies ownership of the mobile phone number, but also checks for porting, SIM swaps, device changes, and call forwarding to thwart the more sophisticated attempts.

Consumers are typically required to provide personal information such as name, address, email address, phone number, and other details in order to complete online signup or checkout. Auto form fill and express mobile checkout saves them time and effort by automatically populating these forms when they appear on a mobile phone.

Why is auto form fill beneficial?

Filling out personal information over and over again is tedious, but doing it on the small virtual keys on a mobile phone makes it even worse. That’s why it is not surprising that form abandonment on a mobile phone is much higher than a desktop or tablet. Providing consumers with the choice to automatically fill out standard forms increases conversion rates and improves the overall customer experience.

How does Zumigo provide auto form fill?

When a consumer is visiting a website or using an app on their mobile phone, Zumigo uses its enhanced identity solution to fill the form out instantly and seamlessly.

Online purchases made with a stolen credit card, whether initiated from a computer or phone, cost merchants millions in chargeback expenses. In fact, with the recent introduction of EMV credit cards, point of sale fraud has dropped dramatically, while online fraud rates have doubled.

How does online purchase fraud happen?

Fraudsters use stolen credit card numbers when conducting online purchases. With the popularity of same day and next day shipping, the stolen items are typically delivered before the real consumer notices the charges.

How does Zumigo help online purchase fraud?

Using the mobile phone number on the order, Zumigo verifies the name and address provided by the purchaser. Zumigo also compares the name and address on the credit card to the name and address provided by the purchaser. With this multi-factor verification, merchants can make more informed decisions about approving online purchases.

Mobile wallet provisioning 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 in-store.

How does mobile wallet provisioning fraud happen?

Mobile wallet provisioning fraud happens when a fraudster sets up a mobile wallet with a fake or stolen identity and then loads the wallet with stolen credit card numbers. This allows them to make purchases without the need to present the physical plastic. Fraudsters use a stolen card to complete in-store purchases until it is reported stolen. Once a card no longer works, they just move on to the next stolen card in the mobile wallet.

How does Zumigo help prevent mobile wallet provisioning fraud?

Zumigo prevents mobile wallet provisioning fraud by verifying that the mobile phone number and personal information entered by the consumer belong together. Zumigo then checks if the mobile phone number that is automatically detected matches the mobile phone number that is manually entered. Zumigo can also compare the name and address on each credit card to the name and address provided by the consumer.