The banking service provider was able to optimize their budget while improving their current state of security by collaborating with TruSense.
Risk of Fraudulent activities averted
USD 93K saved due to SIM Swap Validations during 2022
This bank has been operating in Colombia, offering services like savings and current accounts, debit and credit cards, online banking, and many other financial services.
To provide a convenient and secure transactional experience to its customers.
This bank required complete client visibility in order to provide transactional services like fund transfers. It was difficult for the bank to identify the risk involved with the credibility of its customers who were requesting an OTP for their transactions. The goal was to create ample opportunities in the marketplace where businesses could grow and flourish without incurring losses due to fraudulent activities.
Due to the recent increase in digital fraud, it was a challenge for the bank to differentiate between an actual customer and a fraudster. This was made possible in a hassle-free manner with the help of TruScore.
The bank requests that the OTP be sent through SMS to the mobile number performing the transaction. This query is raised via API and TruScore validates the portability of the mobile number. If the number was ported in the last 7 days, then the OTP delivery is halted, and a security message is sent to the customer via SMS. If the number hasn’t been ported in the last 7 days, then the operator checks SIM Swap validation. If the SIM card was changed in the last 4 hours, then OTP sending is suspended, and a security message is sent to the customer via SMS. If the SIM card has not changed in the last 4 hours, then the OTP is sent to the customer.
The systematic risk of fraudulent activities was drastically reduced, resulting in no additional risk to the business and its customers after collaborating with TruSense to create a seamless process. Following findings were observed by bank during the TruSense interaction.
Risk of Fraudulent activities averted
USD 93K saved due to SIM Swap Validations during 2022
