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2024 Fraud Trends in Banking, Insurance, and Beyond
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Vonage Fraud Protection for Defense through Telecom APIs on AWS
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Vonage Fraud Protection Solution With Amazon Web Services
Account takeovers, identity theft, and smishing schemes cost organizations billions per year. The financial losses tarnish reputations and contribute to customer churn. That’s why Vonage and Amazon Web Services have combined their innovative technologies across Network APIs and AI. The Vonage Fraud Protection solution on the AWS Marketplace brings new insights aggregated from carrier networks and combines them with AI technologies to uniquely authenticate users and defend their online assets from hacks and frauds.
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Imposter scams costs organizations $2.6B annually
Fraudulent activity grows in its sophistication. Thankfully, Vonage and AWS also have sophisticated solutions to help accelerate digital transformation in financial services.
Artificial inflation of traffic: Use the real-time Vonage A2P messaging fraud defense to help prevent fraudsters from misusing account registrations and notifications to create costly fake traffic.
Identity theft: Add deeper device and SIM verification — along with visual biometrics and fake video detection — with Amazon Rekognition.
Onboarding: Use Vonage Verify API to onboard customers securely with extra checks and 2FA protection.
Account login and use: Make the experience seamless with low-friction network APIs that don’t require user action.
User registration: Mitigate fraudulent account creations from fake accounts or bot devices with Vonage-powered verification.
Transactions: Use the generative AI capabilities of Amazon Bedrock to monitor financial transactions and provide feedback of fraudulent connections and devices.
Vonage + AWS: Protecting financial transactions
The Vonage Fraud Protection solution is built on top of Vonage Network and Communications APIs, with support from AWS capabilities like Amazon Rekognition and Amazon Bedrock. Our joint solution provides financial institutions and applications with additional layers of security — all while removing authentication friction for the end user. The combination of security and ease of use helps with adoption.
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Vonage Protection Suite
Add the suite of tools to meet your needs.
Vonage Fraud Defender: Stop fraud in its tracks with this user-friendly alerting and blocking solution. Fraud Defender monitors SMS and voice traffic (including with Verify 2FA).
Vonage Verify API: Validate customers across the world at scale. Our patented 2FA technology helps you protect against fraud, build trust, and increase conversion across multiple channels. And you only pay for successful verifications.
Vonage Number Insight API: Leverage the new standard for Network APIs to gain real-time insights about phone numbers. This helps you identify phone numbers around the world — and assess risk, prevent fraud, block fake accounts, and increase acquisition.
Vonage SIM Swap API
Determine if the SIM card linked to the phone number has recently changed. This gives developers the assurance that the phone number can be used for multiple use cases — such as the ability to proceed with two-factor authentication or as a secure communications channel.
Vonage Number Verification API
Authenticate end users in a secure and seamless way, all without leaving the native mobile application. The technology leverages direct carrier connections to validate the possession of a mobile device without any input from the end user.
Amazon Rekognition
Cloud-based service offers pre-trained facial recognition and analysis. These capabilities secure the user onboarding and authentication workflows to verify the opted-in user’s identity online. Amazon Rekognition validates that the face on camera matches that on file. It also checks for the liveliness of the video, effectively protecting against fake videos and social media exploits.
Amazon Bedrock
The Vonage Fraud Protection solution leverages generative AI using Amazon Bedrock to orchestrate the security process. It also secures the real-time feedback loop necessary to adjust the security parameters and thresholds to ongoing risk conditions. Vonage Fraud Defender uses the output of the generative AI large language model to adapt alert and fraud blocking thresholds to evolving conditions.
