Jack Sundstrom, chief product and marketing officer for ID Insight, wrote an article for Credit Union Times called, “Hanging Up on Phone-Change Fraud,” stressing the need to screen phone-number changes (in addition to address and email changes) to prevent account takeover.
Additionally, the piece shares the results of a comprehensive analysis of thousands of phone number change requests sent to banks, and the patterns that – when combined with other contact and identification data – can reveal an account takeover attempt.
“By scrutinizing [phone number] changes using data-driven analytics, financial institutions can hang up on most forms of phone-based fraud more efficiently than ever before,” Jack writes. “It’s worth the effort to preserve customer or member trust and reduce fraud losses.”
You can read the full article (posted on July 10, 2019) by visiting our Linkedin page.