Fraud Detection

Paradigm One is an established and experienced partner in the provision of number portability solutions to Telecommunication, Law Enforcement and Financial organisations. We have bilateral agreements and high-speed redundant connectivity to all industry porting systems in Australia that operate 24x7.
As Mobile Number porting activity occurs it is collated, validated and processed in real-time and provided to Financial institutions to assist in detecting online transaction fraud.

Theft scenario

A typical theft is committed by firstly using techniques such as phishing or spyware to gain access to a victim's online banking credentials in order to initiate a transfer of funds. The next step is to be able to intercept the authentication SMS sent by the bank. This is done by procuring a new SIM and porting the victim’s mobile number. The fraud is then typically committed very shortly afterwards.

SEE DIAGRAM

Value-add to existing fraud detection systems

Financial institutions can vastly improve their existing fraud detection systems by factoring in Mobile Number porting events as they occur in real-time. As an example: 'online funds transfer just initiated to a new payee, and the customers mobile number has just been ported' - raise alert and refer to fraud group

Technicals

Learn more about the Fraud Detection Service real-time interface, including sample code.