Nov 20, 2023

Deals target SIM swaps, deepen prior relationships Nov 20, 2023, 4:39 pm EST A series of new or expanded deals to enhance the security of financial services against fraud have been signed by Prove, ConnectID and Ping Identity, Aware, and Authlete. With Brazilian link, Prove Identity calls a code red on orange accounts Prove Identity is expanding digital identity operations in Brazil through a partnership with the payment technology firm Elo. Prove’s Chief Revenue Officer Scott Bonnell says the phone-based digital ID provider is “thrilled that Elo has joined the growing number of Brazilian companies benefitting from Prove’s digital identity solutions. “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,” says Bonnell. SIM swap fraud is the use of stolen subscriber credentials to switch a user’s phone number to a different SIM card in a different device, in order to access bank data, biometrics and other personal information. In Brazil , it involves creating a synthetic national ID based on a template and populated with data obtained via theft or purchased on the dark web. Once a fraudster has used a synthetic ID to trick a mobile operator into transfering the associated phone number to a different SIM, they use the device to open “contas laranjas,” or “ orange accounts ” – digital bank accounts from which to stage illegal activities such as money laundering or loan scams. Elo has positioned itself as a leader in tackling fraud, establishing a dedicated fraud prevention unit. Prove’s integration will allow the company to evaluate mobile transactions on a granular level and more easily identify orange accounts. “Elo’s commitment to enhancing security measures aligns with our mission to provide secure and reliable payment solutions to our customers,” says Vilma Lorey, director of operations at Elo. Digital ID pairing reduces friction in the outback Australia’s ConnectID pinged the enterprise digital security provider Ping Identity to enable seamless adoption; now, the two companies have announced a partnership aimed at making integration into existing systems and adoption for new customers easier. A press release says that the integration is now listed on the Ping Identity Integration Directory. “Ping Identity is committed to expanding our technology partner ecosystem to enhance digital customer experiences across the entire user journey,” says Loren Russon, SVP of product management at Ping Identity. “Our partnership with ConnectID makes integration seamless for customers to quickly benefit from the robust PingOne Cloud Platform.” “Partnering with Ping Identity enables a more cohesive solution for customers of all sizes,” says Andrew Black, managing director at ConnectID , “and further accelerates our mission of empowering all people with a secure and seamless way to verify themselves online.” Biometrics are the fix, say new pals Aware Inc. and Serban Group More biometric authentication can help alleviate some of the challenges facing Latin America’s diverse and fraud-prone identity realm, says a release from Aware Inc ., a provider of machine learning and AI-powered adaptive biometric platforms. The firm has partnered with the integrated digital tech consultancy the Serban Group to grease the wheels of digital identity for financial services firms, governments and commercial enterprises in Latin America and Europe. “Aware’s solutions, both on-prem and SaaS-based, are industry-leading and recognized the world over for their exceptional accuracy and demographic parity,” says Craig Herman, chief revenue officer at Aware. “This partnership will enable our companies to jointly create leading-edge, highly advanced and secure biometric authentication solutions for enterprises, governments and financial services institutions in these key markets.” Serban Group becomes the newest member of Aware’s formalized partner program empowering clients to create and increase revenue streams by offering biometrics . Digital ID partners get even cozier with fresh MOU A release says that Authlete Inc . and SBI DAH, the digital asset arm of Tokyo financial services firm SBI Group , have agreed to deepen their existing partnership and together explore opportunities in digital identities and decentralized identifiers. Authlete, which provides software components for API security and digital identity, has an existing relationship with SBI DigiTrust , a fintech subsidiary of SBI DAH that provides financial institutions with Identity as a Service (IDaaS). The expanded relationship is expected to foster collaboration on product development and market-focused innovation for digital identity, which is becoming increasingly pivotal for the financial services and fintech sectors that rely on it for compliance and data security. “SBI DAH stands at the forefront of the financial industry’s digital revolution,” says Michael Mansouri, Authlete’s director and group CEO. “We are excited to deepen our partnership to contribute to developing a trust layer in the digital asset ecosystem. Our expanded collaboration will empower us to better serve customers in the institutional digital asset space, addressing ever-evolving needs of financial institutions.” Fernando Luis Vazquez Cao, CEO of SBI DAH, says Authlete enables SBI Group’s digital asset holdings subsidiary to stay up to date with specifications of OAuth and OpenID Connect, the de facto standards for API authorization framework and digital identity protocol.