Zumigo, a leader in mobile device identity verification, announced that the company’s Zumigo Assure Identity solution has crossed a major milestone by protecting more than 100 million consumers from bank account takeover fraud.
The company has been working with the major US banks for the past 4 years to protect their customers and their accounts by adding an extra layer of identity protection and verification through their mobile phone numbers.
Among the latest techniques hackers use to gain illegal bank account access is called SIM hijacking or SIM swap fraud.
Zumigo verifies for banks in real-time if it’s safe to communicate with their banking customers’ mobile phones during a transaction requiring user verification, or if there have been SIM or network changes to the users’ mobile phone account, making the transaction risky.
“There has been a lot of focus on account takeover fraud over the past year,” said Chirag Bakshi, Zumigo CEO and Founder.
“Zumigo has been working for the past few years with the major US 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 US households, when they need to be verified for safely changing their credentials.”
Over the past 4 years 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 prior to communicating with their users’ mobile devices, resulting in bank accounts being protected. Zumigo’s patented technology detects changes in SIM and mobile network indicators such as device, owner and account.
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.
Discrepancies in mobile phone and account information are quickly flagged as possible fraud, saving Zumigo customers significant expenses from fraudulent takeover of accounts, account creation with stolen or synthetic IDs, and wire or other payment fraud.