JT’s innovative Fraud Protection Services combines data and technology in the fight against fraud and financial crime, saving businesses and their customers millions as fraudsters step up their attempts to breach accounts.
Although stricter online security measures are making it harder for criminals, the compromise of personal and financial data remains a significant problem for many businesses as they seek to protect their customers from
scams.
There has been a worldwide increase in SIM card fraud – an account take over, where control is transferred from a genuine SIM card to one controlled by criminals. To combat this JT International developed a detection service, now widely used by international banks and leading businesses in the UK and around the world, giving them the ability to automatically check if the identity of the person attempting to make a transaction is genuine.
One bank that’s using JT’s Fraud Protection Service (FPS) says the advanced technology is preventing an estimated loss of $100,000 every time a SIM swap fraud is detected.
By working with mobile network operators around the world, JT’s Fraud Protection Services is preventing criminal gangs from targeting call centres in their attempts to steal customers’ credentials to buy goods, access bank accounts or move and transfer money.
Clare Messenger, Head of Fraud Protection Services at JT, said: “Fraud is on the rise and with people more reliant on digital and mobile phone services, criminal organisations have been quick to exploit certain weaknesses. One such weakness identified as a prime area where account takeovers can occur is within call centres, a facility that is seen in many industries. At JT we have built strong relationships with network operators globally which means we can use our unique Fraud Protection Service to check customer credentials in milli-seconds, giving our customers peace of mind that their customers are swiftly protected without any drop in customer experience – a seamless, yet reassuring service.”
Paul Taylor, Managing Director, JT International said: “JT is well known for creating innovative products and services, and for some years now we have been building up our Fraud Protection Services, becoming the ‘go to’ partner for many leading finance houses and other service providers around the world. Fraud crosses all sectors, using real-time checks can speed up the time it takes to onboard customers, identifying possible problems while fast-tracking those that have passed the checks. Our services can also be used throughout the lifecycle of a customer, continuing to provide ongoing insight that will help combat fraud.’’
