Protect your customers from SIM swap fraud
SIM swap fraud is rampant. In South Africa it grew 900% in one year alone, and is costing customers and banks millions every year.* This puts financial institutions on the frontline in combating SIM swap fraud. Added security checks are vital if customeraccounts are to be protected and further losses from this growing threat prevented Confident MFA adds new security that blocks fraudsters fromaccounts Confident MFA (Multifactor Authentication) is a new image based security check. When customers log in, it asks them to complete an image based challenge on their mobile. They select multiple images matching pre-registered categories which only legitimateaccount holders will know.
Out-of-band authentication mitigates the risk of intercepted OTP's
Confident MFA is secure, easy to roll out and cost effective. It keeps useraccounts safe and mitigates the risks of one-time passwords being intercepted or answers recorded on a hacked browser. It's also quick for customers to complete, and gives them the reassurance that their bank funds are protected. For additional protection, the customer can opt to select a "panic picture category", which would be triggered if a fraudster attempts to guess the correct picture. This will alert the bank that a fraud attempt is taking place. The bank can then block the transaction or lock down the account.
Key benefits of MFA
- SECURITY: Images are sent to the legitimate account holder 's mobile. Responses aren't entered on screen or saved on a compromised PC but are out-of-b and, so they can't be read or recorded by fraudsters.
- FAST AND EASY: It plugs straight into your existing authentication system without any complicated setup,and is compatible with architecture in .NET, Java or PHP.
- MULTIFUNCTIONAL: You can use it for password resets, approving high level transactions, first time logins, confirming online purchases, as a digital signature and for all forms of authentication. It can also be used in ATMs or POS terminals.
- RELIABLE & SCALABLE: Confident MFA is cloud based, so it will continue working whatever happens to your internal operations. More users can be added without changing your hardware.
- COST EFFECTIVE: No extra hardware, software or long term contracts are needed. Unique cost structure of a monthly fee and then charged per authentication, rather than per user.
- MULTILINGUAL: Available in multiple languages to suit different customers.
Begin Your Free Trial Confident MFA enables you to add the protection your bank needs against SIM swap fraud. It can prevent fraudsters gaining access to customeraccounts, it increases security and it protects your bank from further losses due to this fast growing type of fraud. Confident MFA is available on a free trial for 30 days or 150 authentications at no cost or obligation. We are happy to structure a solution package according to your needs. Contact us to find out more.