Adeptra, the leader in auto-resolution technologies that span the consumer lifecycle and ValidSoft, a global supplier of fraud prevention, authentication and transaction verification solutions across banking channels, have forged a commercial and technology partnership that will help retail banks to detect and prevent fraud worldwide.
The partnership provides financial organizations with best-in-class fraud detection and prevention functionality, as well as total control over their customer communications. It does this by combining the functionality of ValidSoft's fraud detection with Adeptra's product suite. ValidSoft delivers real-time proximity-based solutions, products to identify compromised SIM cards and mobile-based fraud detection capabilities. Adeptra's suite, including Decision Engine, combines and analyzes disparate consumer-related data sets to determine whether the consumer needs to be contacted, and in what way.
Avivah Litan, vice president and distinguished analyst for Gartner, said: "The financial services industry is faced with new fraud and hacking tactics that evolve as banking products and services evolve. Fraud prevention increasingly needs to adapt and adopt tactics that are able to prevent new types of attacks, especially by exploiting mobile devices and communications."
The relationship extends Adeptra's fraud detection footprint and enables the company to offer new fraud detection capabilities to its extensive user base, which includes many of the world's leading retail banks. These new capabilities include ATM location-based services, smartphone proximity services and ways to detect and prevent SIM swapping. In SIM swapping, the fraudster impersonates the chosen victim (so-called spear phishing) and contacts the victim's mobile network operator (MNO) to convince the MNO to port the victim's mobile phone number to a SIM owned by the fraudster.
Lou Venezia, CEO of Adeptra, said: "We are committed to maintaining our technical and market leadership through product and partner innovation. Our relationship with ValidSoft is a combination of both. The combination of ValidSoft's impressive fraud detection technology with the rich and powerful functionality of the Adeptra Decision Engine means we offer the most complete fraud management and customer communication solutions on the market."
Pat Carroll, founder and chief executive of ValidSoft, a subsidiary of Elephant Talk Communications (OTC BB: ETAK), added: "Fraud detection and prevention are huge challenges for the banking industry. Fraud continues to evolve and adapt in the same way businesses do. We are delighted that Adeptra has recognized ValidSoft's unique capabilities in combating new threats."