Adeptra and ValidSoft Launch SIM Swap Fraud Solution for Banking Industry

Adeptra, an expert in customer engagement technologies, has partnered with ValidSoft, a subsidiary of Elephant Talk Communications, to develop, test and implement a detection and prevention application to tackle the growing problem of SIM card fraud for the banking industry. The solution combines ValidSoft’s fraud detection technology, with the functionality of the cloud-based Adeptra Risk Intervention Platform.

Following a pilot project at a long-standing Adeptra client, this solution provides the marketplace an opportunity to engage and understand customer data in a way that protects the banks and their customers within a real-time intervention delivered by Adeptra. This is the first Adeptra partner to successfully address the issue of SIM card fraud. The bank’s adoption of the application is another stage in its work to secure all transaction channels by using leading edge technology and Adeptra’s cloud based Risk Intervention Platform to deliver the process.

Adeptra’s chief technology officer (CTO), Tony McGivern, said: “Once again, Adeptra leads the market into a new territory by engaging and delivering the most sophisticated anti-fraud solutions in the industry today. Without any additional capital investment and using existing technology, banks can benefit from best-in-class fraud detection applications that deliver loss avoidance options to our clients. Adeptra assess and defines the intervention necessary to prevent further losses based on the critical data that ValidSoft delivers.”


Related reading

New consumer banking head for Citi Asia Pacific