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When it comes to fraud, financial crime and credit risk, invoice financing providers have some unique challenges. That’s why we asked Terry Bond (Risk Director @ Pulse Cashflow) how technology like Honey Badger can play a role in protecting against bad actors.
It’s not if, but rather when, will regulation descend on the world of Buy Now Pay Later (BNPL).
But while some BNPL providers will undoubtedly run aground navigating the journey ahead, others will adapt, survive, and prosper.
From SMS OTPs to magic links and knowledge-based questions, we’ve seen all sorts of high friction methods for authenticating over live chat. Thankfully, Honey Badgers Silent Authentication+ offers an unobtrusive solution that seamlessly integrates into live chat platforms.
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It’s now possible to leverage the same system mobile networks use to authenticate users. Allow us to uncover the fascinating world of mobile network authentication.
To maintain cash flow and stay afloat, certain businesses may be tempted to manipulate their invoices. Discover how a strategy of continuous risk insights can keep business lenders protected.
While SMS OTP is commonly used for its convenience, it does have vulnerabilities that make it less secure. Here’s what you need to know.
From fintechs onboarding to lenders credit risk scoring, we’ve compiled a cross section of less obvious insights that should be on your radar.
SMS One-Time Password (OTP) is the most widely used two-factor authentication (2FA) method. Why then, are we so excited by a new 2FA solution we’ve named Silent Authentication?
We’re going to show you how Amplifi Capital have embraced innovation and are using Honey Badger to improve customer experience and drive better lending outcomes.
Smart lenders know that onboarding good borrowers as quickly and efficiently as possible is what really moves the revenue needle. They focus on quickly identifying good borrowers then removing the hurdles that cause friction and lead to application dropouts or abandonment.
Wangiri 2.0 is targeted at businesses rather than consumers. It’s a lot less obvious too, often going undetected for months or even years. Here’s what to watch out for.
So how exactly should you protect your contact centre? Well, fear not, we interviewed Luke Firmin and asked the questions that are probably on your mind.
You’ve heard about it, you’ve read about it, you might have even seen the demo. Now you’re wondering, how exactly can Geo Authentication be embedded in your apps and processes?
Over 2,000 attendees, more than 400 speakers and 1000+ financial institutions represented. It can only be one thing…
“One question I see is ‘why don’t the government put regulation on phone companies to block known phone scam numbers?’ The answer is Ofcom has actually created some regulation…
🎧 Podcast alert! 🎧 Honey Badger CEO Matthew Salisbury recently joined the wonderful Bradley Chalupski of Merchant Fraud Journal on the To Catch a Fraudster Podcast…
Yes, you read that right, there’s one simple step that you can take to gain the upper hand and send fraudsters packing. It’s a method called Geo Authentication, and it was invented by Honey Badger HQ. Let’s take a deeper look…
In our previous post we introduced a new and exciting term invented by us: derived information. Now you might be wondering what makes derived information so powerful. Wonder no more. Here’s everything you need to know…
Fraud and Financial Crime Europe 2022 is fast approaching and we’re extremely excited to be a sponsor 🤗. Here’s why…
After locking the Honey Badger Research & Development team in a dark room for several months, feeding them nothing but superfoods to enhance their brain capacity, and continuously playing nothing white noise to aid concentration…
Wait, we do care, but let me explain. It might be said that one of the things not to do when taking a new product to market…
On the surface it might seem like multi-factor authentication (MFA) is the silver bullet of authentication.
As great as fraud prevention technology can be, this is where you might find your strategy is built on pillars of sand.
Stop fraud and improve customer experience during account servicing by eliminating SMS One Time Passwords (OTP). Instead, leverage phone based SIM authentication which involves comparing data generated by the Mobile Network Operator (MNO) with mobile device session data. This provides a foolproof way of proving that an individual is in possession of their two-factor device.
This new approach to authentication isn’t susceptible to SIM swap attacks and doesn’t require the user to enter a password. Ultimately, account takeover attacks are blocked, while customer experience is improved and the time taken to service a request us reduced.
Contact Data Cleansing verifies that the contact and personal information you hold isn’t out of date or inaccurate. Data is compared against the information held on file by Mobile Network Operators (MNOs). Whether processing a single record or sanitising thousands of records in batch, you’ll quickly identify bad data.
The case for maintaining up-to-date records goes way beyond good practice for compliance and regulatory reasons. It’s critical to ensuring customers are contactable. Furthermore, it reduces security threats by ensuring communications aren’t sent to the incorrect individuals.
SIM Swap Detection is a critical step in stopping account takeover. Why? Because account takeover attacks commonly exploit the ease of which a phone number can be stolen by simply assigning it to a new SIM. This allows bad actors to intercept communications, such as SMS one-time-passwords (OTP), which are used by 93% of enterprises worldwide to verify customers.
SIM Swap Detection instantly and silently checks the history of a SIM card to see when it was last swapped. Recent swaps indicate high risk of fraud, allowing you to take appropriate action, such as failing verification or requesting additional security procedures are followed.
Social Trace significantly reduces the risk of losing contact with your customers by diversifying communication channels. Simply drop the Social Trace widget into your onboarding workflow and allow customers to connect one or more social channels with just a click.
Lenders who capture social channels are significantly less likely to lose contact with their customers. Why? Because different demographics prefer to engage over different channels. This is particularly important when it comes to collections. Initiating contact over different channels increases your chances of getting a response, which in turn increases the likelihood of resolving late or non payment.
Mobile Fraud Check allow you detect fraud indicators using data provided by Mobile Network Operators (MNOs). Key checks include device overseas, call forwarding, SIM swap, a high risk number database lookup and much more.
Furthermore, Mobile Fraud KYC allows you to verify a person’s firstname, lastname, date of birth and postcode against the data held on file by MNOs. Since MNOs conduct their own KYC checks on new customers, it gives you the ability to match personal information you collect against a trusted and verified source.
Mobile Fraud Checks happen instantly and with zero customer friction. The data held by MNOs is often more recent and reliable than other data sources and a level of granularity is provided, allowing you to see how many and which KYC fields matched.
Mobile Data for Credit Risk delivers the data required to predict credit risk based on a persons mobile phone information. Key data attributes include the network provider, line type, and KYC match information. Working in partnership with lenders we’ve been able to clearly identify correlations between this data and the likelihood of a loan going into arrears.
Open Banking Vs Mobile Data. Which is the most effective in predicting bad borrowers? A recent project with a UK lender compared a risk model built with Open Banking against a model built with Honey Badger’s Mobile Data. The results showed that both models outputted almost identical risk scores. The difference? Mobile Data could be deployed immediately with no customer friction required to calculate a risk score.
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Geo Authentication™ provides frictionless identity verification that reduces abandonment rates. Users simply select images that they recognise from nearby to their address. In built anti-fraud controls ensure that valid users can complete the challenge whilst bad actors are blocked.
Leading lenders such as Amplifi Capital use Geo Authentication during applications as an alternative to more intrusive identity verification checks, such as document uploads, that cause high friction and lead to increased dropouts. Completion rates with Geo Authentication are 28% higher and have subsequently helped drive an increase in revenue for the business.
