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Is Fraud Mitigation on Mobile Devices A Riskier Business?

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2 Is Fraud Mitigation on Mobile Devices A Riskier Business? Considering how many consumers are using mobile devices for many of their financial transactions, it's certain that enterprising fraudsters are seeking innovative ways to compromise the security of these devices. But compared to all other digital tools that consumers use – desktop computers, especially – mobile devices do not represent any more significant risk to organizations. In fact, the technology packed into mobile devices can help mitigate it. As soon as consumers initiate any financial activity using a mobile device, robust fraud mitigation solutions can passively retrieve substantial identity- verifying information about the smartphone or tablet as well as the applicant. The latest solutions also verify the mobile phone number against service provider records before sending an additional passcode to the mobile phones. The recipient must enter the one-time passcode on the device or a log-in screen. This action verifies that the person is holding the device at that time, removing any doubt that a fraudster may have accessed the account from somewhere else. Simultaneously, these solutions can retrieve data from the device's GPS technology to pinpoint its physical location. Robust fraud-detection solutions that have access to vast repositories of device data, consumer information and other financial transactions intelligence, can determine if the current location of the device has been associated with suspicious activity. GPS data can also be used to compare the consumer's real-time location to the address information they provide. A significant variance in location could indicate suspicious activity. Do mobile devices create greater opportunities for skilled fraudsters? How do mobile devices help to accelerate identity- verification processes? Data Point: 1 Billion Devices Equifax has data on nearly 1 billion devices used to access online services across several industries world-wide. 2 Robust fraud-detection solutions that have access to vast repositories of device data, consumer information and other financial transactions intelligence can determine if the current location of the device has been associated with suspicious activity. 2 Equifax, "Identity Proofing: Minimize risk by knowing that the applicant is who they say they are when they enroll," 2013

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