FraudBuster MoMoSe (Mobile Money Security) is the only solution to proactively prevent and stop mobile money fraud.
How to prevent fraud? By Real-Time transaction monitoring using both telco and financial transaction data.
Fighting different types of Mobile Money Fraud
What are the main types of Mobile Money Fraud?
FraudBuster is successful in tackling all types of Mobile Money Fraud:
User targeted fraud: scams, phishing, smishing, vishing, etc…, usually inspired by social engineering. Up to 1/3 of scam victims churn – user targetted fraud. Beyond brand damage, this causes important financial and long lasting customer losses for mobile money operators.
Operator targeted fraud: mainly, though not limited to, agents and dealers exploiting loopholes in bonus and commission structures, eg fake activations, split transactions, agent-merchant loops... These frauds cause direct and important losses for operators.
Government targeted fraud: money laundering (AML) or regulatory/contract violations/circumventions
Safeguarding your network,
securing your revenue
Striving for improved financial inclusion on a worldwide basis, mobile money grows at a fast pace year after year. With advanced services, such as microfinancing, loans, virtual credit cards, insurances, increased merchant payments etc still in their infancy in many countries, growth prospects are bright.
According to GSMA, impersonation and insider fraud are today’s most prevalent fraud schemes
Want to know all about Mobile Money Fraud? Read the full GSMA report
Engineered for maximum security,
proven to pay off.
Despite the fact that most operators run multiple lines of defence, such as KYC,
KYA agents, session and transaction monitoring, etc…, FraudBuster’s solution takes
protection against mobile money fraud, both for users and operators to the next level.
Thanks to FraudBuster’s AI and machine learning based platform and the
interaction with our client’s mobile money wallet, we outperform any competitor:
FraudBuster is the only supplier analyzing data from both the telco and mobile money side, and in Real-Time;
FraudBuster is capable of identifying and blocking fraudster’s resources, i.e. SIMs and IMEIs, before fraudulent cashouts take place;
FraudBuster proactively puts a halt to the different types of mobile money fraud, i.e. phishing, and maps loopholes in the operators’ commissioning systems so any back doors can be shut.
Real time
How to prevent fraud? There is no point in detecting that a scam fraud has happened. The money will have been cashed out.
FraudBuster’s Mobile Money Security features Real-Time transaction monitoring through seamless integration with your wallet platform
Data feeds are captured and processed in Real-Time:
- Telco Signalling
- Real Time transaction data (eg Kafka)
- Less than 1 second needed to process transactions and conclude if fraudulent or not
A configurable API enables Mobile Money Operators to define specific responses for each fraud type, eg
- Block a transaction
- Rate limit the number of transactions
- Block a SIM Card
- Send notification to subscriber/agent
Our solution has a lasting positive impact on both mobile money users and operators.
USER SIDE
Less churn
Increased transaction volumes
Higher customer satisfaction
Higher level of trust and retention
Less complaints
