Prevent SIM Swapping Attacks with Security and Fraud Analytics
A growing tactic of mobile fraud is SIM-swap fraud where malicious actors get a new SIM card issued for a registered mobile number of a legitimate customer at a financial institution. The legitimate users’ SIM card is deactivated. The criminal actors then authenticate themselves to carry out transactions with the legitimate users’ bank account, initiating money transfers, withdrawals, and purchases.
Gurucul provides a robust security and fraud analytics platform which leverages advanced machine learning algorithms, to detect any mobile fraud cases including:
- Same mobile number registration across multiple accounts
- Geo-location anomaly
- Unusual activities from unseen/new mobile device
- Suspicious cross-channel activities/patterns such as online account profile changes or sensitive transactions
- New mobile usage/registration
As a part of Open Architecture, Gurucul also enables advanced customers to import their home-grown machine learning models into Gurucul platform providing a centralized, comprehensive and robust mobile fraud detection platform.
Across all industries, fraud and financial crimes are on the rise, causing losses that collectively reach into the trillions of dollars each year. Legacy fraud management platforms have too many limitations to be effective in today’s environment.
Gurucul Fraud Analytics provides a holistic risk-based approach for fraud detection. In many cases, the fraud can be detected in real time such that action can be taken to prevent loss from the fraudulent activity.