Transaction OTPs and alerts
Phone-based authentication stops fraud in its tracks
Financial transactions are the favorite target of cyber criminals throughout the world. In 2012, 16 million people were duped via cyber crime in the U.S., and one of every five UK bank card holders had been scammed by 2013. Cyber security is no longer an option for financial and commerce institutions. Mitigating risk and building (and maintaining) trust is now mandated in most countries.
tyntec offers easy-to-integrate SMS messages and automated phone calls that send a one-time password (OTP) to a user, providing strong and reliable authentication, reinforced with carrier-grade network coverage across all continents, perfect for reaching today's mobile users. You can also use the same OTP to flag—and help your customers stop—suspicious transactions with real-time alerts.
How to bank on trust:
- Bank customer requests a non-routine payment transaction (e.g., a wire transfer) online.
- Bank receives the request, and runs phone number validation to check if the phone is active.
- Bank sends a one-time password via SMS or voice call to confirm the transaction.
- Customer gets the code, inputs it to complete the transaction.