Fraud Solution Profile
Prove is the modern way of proving identity with just a phone number.
One Modern Identity Platform
Many companies rely on a makeshift patchwork of identity verification and authentication point solutions, resulting in unnecessary complexity and cost. In addition to being disorganized and expensive, these point solutions often hinder the customer experience and have known vulnerabilities.
Prove offers companies a single identity platform powered by Phone-Centric Identity to replace these point solutions, which has proven to help companies mitigate fraud while accelerating revenue and lowering OPEX.
Prove’s Phone-Centric Identity technology is unique in that it leverages the mobile phone and phone number. With the depth and frequency of phone intelligence data, mobile phones and phone numbers are the best known proxy for digital identity today. Phones also provide the unique “what you have” authentication factor (also known as the Possession factor), which enables Prove’s clients to authenticate customer identities with certainty (either yes or no) as opposed to just a probabilistic approach.
Phones also have built-in, passive authentication, encryption and privacy. With Phone-Centric Identity, a consumer does not need to download a separate app or purchase a physical hardware token to authenticate themselves. The process can take place invisibly and seamlessly through their existing mobile device, improving the customer experience.
Prove has two main solutions:
- Prove Pre-fill™ for Onboarding & Digital Acquisition, which helps companies increase signups and mitigate account opening fraud by authenticating consumer identities and auto-filling verified data in any channel.
- Fonebook™ for Digital Servicing, which helps companies:
- Access a single identity authentication platform that reduces complexity and total cost of ownership to create a holistic view of your customer across their entire channels
- Manage, add and update customer phone numbers to ensure you always have the right number for your customer
- Secure transactions across multiple digital servicing use cases including login, high-risk transactions, call center, and passwordless login
One of the most unique benefits of Prove’s solutions is that they are powered by our Phone Identity Network™ (PIN), which is a registry of 1 billion+ privacy-enhancing identity tokens under continuous management. Our clients can associate customer IDs to the corresponding identity tokens and can access these identity tokens across the customer journey and value chain. PIN is informed by multiple data sources including telecom, bank & public, and 10+ years of proprietary Prove data.
‘PRO’ Model of Identity Verification & Authentication
Prove’s ‘PRO’ Model of Identity Verification & Authentication is the only model in the market that uses three unique checks to establish customer identity. These three checks, when used together, make identity fraud expensive and unscalable for fraudsters.
The PRO Model: Possession, Reputation, and Ownership:
- Possession answers the question: Is this customer in possession of the phone number? Knowing that someone is in possession of a phone at the precise moment of a potential transaction helps identify someone regardless of the transaction channel, and helps ensure the customer is truly on the other end of an interaction.
- Reputation answers the question: Are there risky changes or suspicious behaviors associated with the phone number? Typically, people have had the same phone number for a long time, and upgrade phones only every few years. Compare that to a burner phone, or a phone that underwent a SIM swap recently, or a phone number that was just registered. These activities lower the reputation of the phone itself, which allows companies to flag the phone regardless of the customer activity.
- Ownership answers the question: Is the customer associated with the phone number? It is crucial to associate a phone number to a person when confirming that the customer is in possession of the phone. Otherwise, the wrong person may be verified. This means knowing when a customer truly gets a new phone number, or knowing that phone number is still associated with a person even if they switch carriers.
Interested in learning more about how Prove can help you mitigate fraud while accelerating revenue and cutting OPEX? Get in touch with us here.
Ecommerce, Financial Services, Insurance, Telecom
Identity & Authentication
Advertisement or Affiliate Fraud, Account Takeover, Call Center Fraud, New Account Fraud, Payment Fraud, Synthetic Identity Fraud
Machine Learning, Multi-Factor Authentication, Rules Engine