Powering Fraud Protections

During the time of the coronavirus, we’re adjusting to the new normal of social distancing and working remotely. Our routines have changed, and different challenges have accompanied them. In addition to these challenges, the need for improved communications and fraud protection have increased exponentially.

Fraud has skyrocketed due to the coronavirus pandemic. We’re all hyper-reliant on making electronic transactions, sometimes we’re over-reliant on systems that allow bad actors to more easily infiltrate our accounts by posing as a trusted source. These people could attempt to take advantage of others’ desire to give back by posing as a charity, or prey on their needs and capitalizing on government stimulus checks by appearing as a trusted government source seeking banking information.

Syniverse is focused on providing the highest level of support for our customers and our customers’ customers. That’s why we’ve worked with many of the top 10 banks in North America to provide their users with additional information and safeguards. These efforts are reflected in our coronavirus communications and fraud message alerts.

Coronavirus Communications
By leveraging Syniverse’s mobile messaging capabilities, we’re able to reach millions of bank customers to remind them of verified ways they can stay connected with their bank. Mobile app users received a message describing how they can continue their normal banking needs, all through the app.

Fraud Message Alerts
The severity and frequency of fraudulent attacks has increased during the time of the coronavirus pandemic, and that means the need to fight these attacks is greater than ever. Together with the banking companies we serve, we are able to send real-time fraud alerts to customers within 3-5 seconds, often while the customer is still checking out. These fraud alerts are triggered by suspicious ATM and card activity and allow customers to verify the transaction via two-way SMS messages.

A screenshot of a cell phone

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Example of a triggered fraud alert message

The result of these messages? Each month, Syniverse sends millions of SMS alerts to bank customers to warn of potential fraudulent activity. With over 80% accountholder response rate, the text messages have reduced false declines, limited fraudulent transactions and increased overall customer satisfaction.

As we continue to meet new challenges with the coronavirus, it’s essential to surround yourself with people and companies you can rely on to support you. Despite changes in routine, Syniverse is dedicated to providing our customers and their customers with quality solutions that demonstrate our efforts to keep you aware and protected from fraudulent activity.

How has the coronavirus impacted your customer communications? Comment below with your thoughts. Stay safe and healthy.

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