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22) that it has rolled out two enhanced consumerauthentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumerauthentication that can be vulnerable to fraud.
The problems with identity theft and accounttakeover (ATO) fraud are real and seriously need to be addressed. Phone companies, to bill consumers, need a high level of security around authentication. Using telecom data for authentication may seem simple and obvious — actually doing it is anything but.
At this point in 2019, we’ve all dealt with some flavor of two-factor authentication that uses SMS one-time passcodes. It’s a mild piece of friction, but it’s not terribly onerous and is doing something useful: keeping consumers safe. There is an expression: ‘Your bank account will outlive your marriage.’
This opens the door to new avenues of attack by those who wish to steal data, hijack accounts and make off with ill-gotten gains, as Eric Kraus, vice president of risk, fraud and compliance at FIS , told PYMNTS in a recent interview.
Patterns of typing or computer mouse movements — an area generally known as behavioral biometrics — can help FIs keep guard against accounttakeovers , new account fraud and other sorts of criminal activity expected to follow the flood of TPPs into the payments world. Call Center Threat.
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