Prove Identity teams with Elo to combat fraud in Brazil
By Delisha Fernandes
Prove Identity, a digital identity provider, has announced that Elo, a payment technology company, will be leveraging Prove’s identity verification solutions to improve its customer experiences while also combating SIM swap fraud and the proliferation of “orange accounts” in Brazil.
With Prove Identity’s Trust Score+ solution, Elo will have a powerful tool to evaluate the trustworthiness of each mobile transaction, significantly reducing the risk of SIM swap fraud while also reducing friction for users and making the customer experience faster and easier.
“We are thrilled that Elo has joined the growing number of Brazilian companies benefitting from Prove’s digital identity solutions,” said Scott Bonnell, Chief Revenue Officer at Prove. “With Prove’s unique technology, which gives companies insight into the risk of a given phone number, Elo and its owners and card issuers will be able to verify user identities, and detect and prevent SIM swap fraud while also improving customer experiences and accelerating revenue.
SIM swap fraud occurs when criminals fraudulently obtain a mobile subscriber’s information and transfer their phone number to a new SIM card under their control. This allows fraudsters to gain unauthorized access to sensitive information, including banking details, potentially resulting in financial loss and identity theft for unsuspecting victims.
Additionally, Elo recognizes the pressing issue of “orange accounts” (Contas Laranjas) in Brazil, which refers to the unauthorized opening of bank accounts by individuals or criminal organizations. These accounts are often used to facilitate illicit activities such as money laundering and fraudulent transactions. Through Prove’s solutions, Elo aims to provide banks with effective tools to identify and prevent the proliferation of “orange accounts,” thereby safeguarding the integrity of the financial system.
“Elo’s commitment to enhancing security measures aligns with our mission to provide secure and reliable payment solutions to our customers,” said Vilma Lorey, Director of Operations at Elo. “By partnering with Prove and implementing Prove’s best-in-class digital identity solutions, we are excited to strengthen our position as a trusted payment provider in Brazil, fostering greater confidence among consumers and the financial community.”
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
December 07, 2023