Digital Payment Fraud
The use of digital payments in our everyday lives, personal or business, continues to grow. Whether it's P2P payments, domestic or international wires or online purchases, the challenge all financial services & ecommerce organizations face is knowing that indeed the real customer is behind the payment rather than a malicious actor.
As organizations fight payment fraud by deploying arrays of authentication and transaction monitoring solutions, the harsh reality remains – the unavoidable tradeoff between security and user experience. Whether it is step up authentications, multi-factor authentication, or false declines due to “abnormal & risky behavior” – the more organizations are trying to protect themselves from fraud, the more friction to the end user is created.
Stop unauthorized payments once and for all. No more statistical decisions that lead to false positives and customer frustration. Our AuthenticAction™ solution “notarizes” every payment so you know for sure that your true customer is the one initiating the payment and no one else.
With the industry push towards digital channels, Account Takeover (ATO) attacks are on the rise, despite the tremendous investments in authentication and fraud prevention systems. Malware and other sophisticated cyber-attacks remain prevalent. Smart and often complex social engineering schemes are as common as ever.
As organizations respond to counter these attacks by deploying arrays of authentication and fraud detection solutions, the harsh reality remains – the unavoidable tradeoff between security and user experience. Whether it is step up authentication, multi-factor authentication, or simply false declines – the more organizations are trying to protect themselves from fraud, the more friction to the end user is created.
Our AuthenticAction™ innovative solution simultaneously captures the user's identity and action, truly continuously during the activity, making sure they are inseparable, just as they would be in the real world. Our unique approach leaves no room for fraudsters to take over accounts, devices or sessions. We eliminate the gap that allows fraudsters to “get in the middle”. And we keep it simple for your customers too. No more riddles, no more friction.
Authentication factors evolved over the years. From single authentication factor using username and password to 2nd and multi factor authentication using a combination of something you know, something you are and something you have.
Authentication approaches and timing also evolved. From authentication at time of login to step-up authentication before or after risky actions and more recently, continuous authentication throughout the user session.
The shift from authentication at login to multi factor & continuous authentication is in response to sophisticated malware and social engineering attacks that bypass traditional authentication methods by taking over accounts, devices, sessions and even people.
However, current continuous authentication solutions fall short of solving either the friction or the fraud problems. One approach (MFA) merely presents multiple discrete authentication challenges during a session only to create additional friction to the user and make it slightly harder for fraudsters, but only slightly. Another approach uses behavioural biometrics throughout the session which is indeed seamless from user experience standpoint, but far from being precise or robust, causes false positives & negatives, which in turn get you back to the same issues - friction and fraud.
At Obsecure we take Authentication to the next level and redefine it. We believe that in order to stop fraud and unauthorized actions we need to shift from continuous authentication before and after a digital action to continuous in-action authentication. Our groundbreaking AuthenticAction™ solution continuously authenticates the customer’s identity and action they take during the action itself. Not before, not after but in-action.
Let your customers breeze through their digital activity with password-less & interruption-less experience. No step ups or false declines, powered by AuthenticAction™, the only continuous in-action authentication solution.
Business Email Compromise
One of the most prevalent cybercrime scams is Business Email Compromise (BEC), also known as “Wire Fraud” or “Invoice Fraud”. Here, a fraudster pretending to be your employee, vendor, client, lawyer or even you, convinces, or social engineers, someone in your business to transfer funds into the wrong hands.
BEC scam is serious. The FBI estimates BEC to cause half of all cybercrime losses in 2019. This means billions of dollars in cost to the economy and a potential knockout "black swan" event to your business. Are you protected?
Employee training, manual verification processes and email scanning solutions are some of the approaches used by organizations to protect against BEC scams. But the reality is that none of them guarantee that the email or message you received was actually sent by the person you know.
AuthenticMessage™ helps individuals and organizations protect themselves from scammers impersonating other people, allowing them to communicate with trust. AuthenticMessage™ allows only the people you approve to send you highly sensitive messages, and verifies that every message you receive was actually written and sent by those you approved. No scammers, no fake communication, no fraud.