Use cases

The following use cases are examples of where FrankieOne can help you with fraud and transaction monitoring.

Use case: Account Takeover Fraud

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.

It applies to any fintech or platform of a regulated business that involves user accounts, such as digital wallets, online banking services, investment platforms, or peer-to-peer payment apps, which may be vulnerable to account takeover fraud.

Use case: Identity Theft

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.

Identity theft can affect various fintech sectors, including digital banking, lending platforms, payment processors, or any service that requires user verification.

Use case: Synthetic Identity Fraud

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.

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.

Use case: Loan and Credit Application Fraud

Loan and credit application fraud occurs 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.

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.

Use case: Scams

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).

Scams can affect various fintech sectors, including digital banking, lending platforms, payment processors, or any service that requires user verification.