The explosive growth in digital engagement has also led to an undesirable outcome: a sharp increase in cyber fraud. Identity fraud—derived on the back of credentials stolen through a massive number of phishing attacks—has gone up significantly compared to previous years. SIM swaps and account takeovers are now more common than ever before.
- 20% increase in account takeover incidents in financial service in 2020 from previous year
- $56 Billion in financial losses due to identity fraud in the US in 2020
- $436 Million in fraud losses reported in the US where the contact method used by scammers was a phone call
- 4X rise in number of SIM swap fraud cases in the UK during the last five years
To support our customer's efforts to protect their customers, 10x People is adding support for identity verification for account takeover protection including support for GSMA Mobile Connect. GSMA Mobile connect allows Digital Service Providers (DSP) to match the phone number entered by the user with the device accessing the DSP portal. Mobile Connect has been launched by more than 70 operators around the world.
In addition, 10x People is extending the GSMA Mobile Connect API so that additional information can be supplied to further validate the customer for fraud risk or trust scoring that is leveraged by financial organizations.
10x People hates cyber fraud just as much as you do. We can help you protect your customers.
Contact us at info@10xpeople.com to learn more.
Sources: Kaspersky, US FTC, Javelin Strategy & Research, Action Fraud