In today’s digital landscape, combating fraud requires continuous innovation and adaptability. Outseer, at the forefront of fraud prevention solutions, is proud to announce new capabilities aimed at bolstering security and enhancing user experience: Fraud Manager’s active phone call detection and the support of VISA FIDO on behalf in 3-D Secure. These advancements bolster fraud prevention in card not present transactions and peer-to-peer (P2P) and instant payment scenarios.
Reduce Fraud & Consumer Friction
Active Phone Call Detection in Fraud Manager
Phone-based scams pose a significant threat, often targeting unsuspecting victims through social engineering tactics. Out of 7.3 billion global calls flagged as suspected spam in Q4 2023, 6% of these were confirmed fraud calls through social engineering. Fraudsters increasingly call unsuspecting individuals and pressure them into making payments under false pretenses.
With the integration of active phone call detection capabilities, Outseer empowers financial institutions to identify and disrupt these fraudulent schemes to protect their customers and preserve their financial integrity.
Peer to Peer / Instant Payment Support in Fraud Manager*
Swift response to potential threats by using enriched data points including payment purpose, emoji usage, and wallet type are now available.
The enriched data can include:
- Transactions with uncommon purposes
- Transactions with specific emojis
Outseer’s Peer-to-Peer and Instant Payment Support provides a more granular view of payments, therefore improving risk identification by incorporating more personalized identifiers such as email, e-Wallet and telephone numbers.
This shift from bank-centric to individual-centric identification supports more effective, proactive intervention, therefore thwarting fraudulent activities before they escalate. This proactive approach not only mitigates risk but also fosters trust and confidence among consumers.
*only available on Fraud Manager Cloud
Global Data Network Data Sharing in 3-D Secure
Collaborative efforts are pivotal in the fight against fraud. Outseer’s commitment to collaboration is exemplified through our global data network data sharing initiative. By sharing email and email domain entities within the data consortium community, Outseer amplifies its fraud detection capabilities and meets the Federal Reserve best practice on data sharing to bolster the collective defense against evolving fraud tactics.
Manage Regulatory Compliance & Stay Compliant
Support of VISA FIDO on Behalf in 3-D Secure
As fraudsters evolve their tactics with a focus on scams and social engineering, where individuals are pressured into making payments under false pretenses, security measures must keep pace.
FIDO (Fast Identity Online), an open standard for passwordless authentication, aims to address the shortcomings of traditional password-based authentication methods and reduce fraud by providing stronger security and a more user-friendly experience while complying with PSD2’s strong customer authentication.
Outseer supports this by integrating support for VISA FIDO on behalf in 3-D Secure, aligning with Visa’s AI13373 mandate, effective from April 1, 2024.
This seamless flow enhances security for registration and authentication. This is done through improved policy management, with new facts for FIDO transactions, as well as the addition of new error codes in the Case Management app for better FIDO registration transaction visibility. With this update, card issuers can focus on rules, policies and risk appetite. By reducing friction in authentication processes, Outseer ensures a frictionless journey and shopping experience for users while fortifying defenses against emerging threats.
Not a customer yet? Request a consultation to learn how our solutions can bolster your fraud prevention strategy.
