Companies Put Their All Into Catching Digital Thieves

With artificial intelligence (AI) having the ability to create a virtual undetectable clone of your voice, one wonders, “How can I continue to prove who I am?” with today’s advanced technology. Well, know that your financial institutions, along with countless other businesses are wondering the same thing. They want to buffer themselves from these new sophisticated scammers that fraudulently impersonate people to steal their money. There are several new companies that are working toward solutions to this question. This week’s article will highlight a couple and how they work to achieve this goal. A typical fraud would have a criminal, armed with your account numbers and personal information, calling your bank or other financial account holders and impersonating you to get access to your money. Digital security companies such as Prove have come up with an interesting and clever solution to identify imposters by using the customer’s phone to help verify their identity. The system will ping the phone’s SIM card to verify with the carrier that it is you at the other end of the transaction. It also checks how long the phone has been operational and the trustworthiness of the carrier to determine whether the phone is actually...