The following use cases are examples of where FrankieOne can help you with fraud and Transaction Monitoring.
Account takeover fraud occurs when unauthorised individuals gain access to a user's account by stealing login credentials or personal information. Once inside the account, the fraudsters can carry out fraudulent transactions, change account details, or steal funds.
Application: Any fintech platform that involves user accounts, such as digital wallets, online banking services, investment platforms, or peer-to-peer payment apps, may be vulnerable to account takeover fraud.
Identity theft involves fraudsters obtaining personal information, such as passport numbers, addresses, or dates of birth, to impersonate individuals and open accounts or apply for credit in their name. This can lead to financial losses and damage to the victim's credit history.
Application: Identity theft can affect various fintech sectors, including digital banking, lending platforms, payment processors, or any service that requires user verification.
Synthetic identity fraud is a type of fraud where fraudsters create fictitious identities by combining real and fabricated information. They use these synthetic identities to carry out fraudulent activities, such as opening fraudulent accounts or obtaining loans.
Application: Synthetic identity fraud can impact multiple fintech sectors, including online lending platforms, digital wallets, peer-to-peer payment systems, or any service with identity verification requirements.
Card fraud involves unauthorised use of payment cards, such as credit or debit cards. This can include physical card theft, card skimming, chargeback fraud, refund fraud, or online card fraud through the use of stolen card details.
Application: Fintech companies providing payment processing, mobile payment solutions, digital wallets, or any platform that handles card transactions may encounter card fraud.
Loan and credit application fraud occur when fraudsters apply for loans or credit using false information or stolen identities. They may manipulate financial statements or misrepresent their income and employment details.
Application: Online lending platforms, credit scoring services, digital banking, or any fintech service that involves loan or credit applications may be susceptible to this type of fraud.
Mobile payments and wallet fraud encompass various fraudulent activities that target mobile payment platforms, digital wallets, and contactless payment systems. It can involve malware-infected apps, QR code scams, SIM card swapping, or fake app phishing.
Application: Fintech companies offering mobile payment solutions, digital wallets, contactless payment apps, or any service that handles transactions through mobile devices should be vigilant about mobile payments and wallet fraud.
Scams are a form of social engineering fraud, where criminals manipulate people into sharing sensitive information or even transferring funds directly to the criminal. Scammers may use various methods, such as sending emails with malicious links (phishing) or persuading people to invest in fake schemes, sometimes even applying for loans on their behalf (investment scams).
Application: Scams can affect various fintech sectors, including digital banking, lending platforms, payment processors, or any service that requires user verification. Scams can also impact multiple fintech sectors, including online lending platforms, digital wallets, peer-to-peer payment systems, or any service with identity verification requirements.
As more consumers, businesses, and other entities use blockchain-based services, there is a growing demand to move money between traditional finance (TradFi) and decentralized finance (DeFI). However for DeFi, unlike in TradFi, banks, card networks, and other financial institutions cannot view what customers do after connecting their deposit or credit card accounts to a crypto wallet or exchange. Compounded by the irreversible nature of crypto assets, fraudsters can get away with quickly sending stolen money to their wallets from the newly funded account.
Application: Crypto money laundering affects fintech sectors that interact with cryptocurrency, including crypto wallets or exchanges, as well as banks, card networks or other financial institutions that interact with these platforms.
Updated about 2 months ago