Zumigo Corporation, a designer of mobile device identity verification, has protected more than 100 million consumers from bank account takeover fraud using its Assure Identity solution.
That’s 70 percent of American households.
This is a major milestone, absolutely important to those who want strong protection from hackers or digital thieves who specialize in pretending to be the mobile banking victims they steal from.
The company has been securing the financial transactions of major American banks for the past four years by adding an extra layer of identity protection and verification of customer mobile phone numbers. The end result: Protection for their customers and their accounts.
Zumigo’s Assure Identity solution attacks the latest anti-account hijacking techniques: SIM hijacking or SIM swap fraud. Zumigo verifies for banks in real-time whether it is safe to communicate with a customer’s mobile phone during a transaction. It performs identification and user verification of the caller and notifies the bank if there has been a SIM card or network change to the customer’s mobile phone account. The changes may indicate that someone else is trying to access the customer’s account over the cell phone.
Zumigo’s system, by noting the SIM or network changes to the user’s mobile phone account, raises red flags so the bank can halt the transaction.
“There has been a lot of focus on account takeover fraud over the past year,” said Zumigo CEO and Founder Chirag Bakshi. “Zumigo has been working for the past few years with the major U.S. banks to protect the most important asset they have – their consumer clients – from fraud and identity theft. To date, Zumigo has protected bank accounts for more than 70 percent of U.S. households, when they need to be verified for safely changing their credentials.”
With the rise of online and mobile bank account access, Zumigo has detected more than 2 million occurrences of possible SIM hijacking or SIM swap events perpetrated by fraudsters. Zumigo’s Assure Identity Cloud Platform has flagged these events as possible fraudulent occurrences when banks checked with Zumigo before communicating with their users’ mobile devices.
Zumigo’s patented technology detects changes in SIM and mobile network indicators such as device, owner and account. Discrepancies in mobile phone and account information are quickly flagged as possible fraud, saving its customers significant expenses from fraudulent takeover of accounts, account creation with stolen or synthetic IDs, and wire or other payment fraud.
Zumigo’s global and identity SaaS platform is a cloud-based service that integrates with banks’ and merchants’ processing systems to verify users’ identity to prevent fraud.
Those interested in learning more about this innovative solution are invited to contact Jong Lee at (571) 276-6150 or firstname.lastname@example.org.