To accelerate the onboarding process and enhance security, the banking service provider collaborated with TruSense.
Reduction in overall risk of fraudulent activities
18,700 SIM Swap Queries accounted for 68% of total detection
2,750 Portability Queries accounted for 10% of total detection
6,050 Risk Score Queries accounted for 22% of total detection
This banking service provider has been operating in Colombia as a result of a strategic partnership 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 banking service provider had a requirement to attain complete visibility of its customers who wanted to use its services. It was difficult for the company to identify the risk involved with the credibility of its customers who are requesting the OTP for the transactions or during the onboarding process. The goal was to create ample amount of opportunities in the marketplace where businesses can 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 and hassle-free with the help of TruScore.
The bank requests that the OTP be sent through SMS to the mobile number performing the transaction or enrolment process on the CRM platform. This query is raised via API. TruScore validates portability of the mobile number in the last 7 days if the number was ported, OTP delivery is halted, and the transaction is declined. If the number was not ported, then the operator checks for SIM Swap in the last 24hrs and analysis of other risk indicators begins. If there is an indication that the client represents a high risk of impersonation or the SIM card was changed, then OTP sending is suspended, and the customer is informed that the code can be retrieved through another channel such as Email. If the SIM card was not changed and the risk indicators are low, then the OTP is sent to the customer.
The systematic risk of fraudulent activities was drastically reduced, which resulted in no additional risk to the business and its customers after collaborating with TruSense to create a seamless process. The following findings were observed by the enterprise during the TruSense interaction.
Reduction in overall risk of fraudulent activities
18,700 SIM Swap Queries accounted for 68% of total detection
2,750 Portability Queries accounted for 10% of total detection
6,050 Risk Score Queries accounted for 22% of total detection
