In an era where fraud poses significant financial and reputational risks, our portfolio offers tailored solutions to combat various types of fraud. Understanding that the human element – the customer – represents the weakest link in security, the out-of-band authentication (OOB) approach prioritizes reliability and compliance with regulatory standards, recognizing that it's not the technology itself but the end-user vulnerability that needs addressing.
Technology isn't the weakest link, it is the human factor - the customer
The customer changes their phone, a typical event that occurs approximately every 1.5 years. After this upgrade, the banking app provided by the financial institution needs to be "re-bonded" (Secure Device Binding).
SMS-based OTPs are vulnerable to phishing attacks, where fraudsters trick users into revealing their OTPs through fake messages or websites.
Once fraudsters have obtained the customer's name, username, password, card details, and other relevant information, the SMS code acts as the final puzzle piece that completes the picture for a successful account takeover.
