Device Trust enables banks to use customer’s personal devices as key to a number of banking services. This includes secure communication with the customer (e.g. one time passcodes and transaction verification calls). Building on this core capability we can also help verify cross-border card transactions.
As banks have moved towards communication with customers using personal mobile devices, mobile account takeover has become a significant attack vector (so called SIM Swap fraud). Device Trust provides a SIM Swap detection service that alerts the bank in real time to this fraud vector. The solution allows customers to use personal devices rather than costly specialist hardware to make successful transactions.
Cross border card payments are an important business line for banks. High levels of fraud have led to an increase in security, yet in turn this has created increased fraud case loads and ultimately legitimate customers incorrectly prevented from making transactions ('false positives'). Device Trust can confirm the proximity of a user’s registered device to the point of a card transaction in real-time, thereby greatly reducing costly false positives (in some cases by over 90%). For users this means card transactions always work regardless of location.