Mobile Wireless Retail Stores
Have you recently encountered a high number of deactivations (de-acts)? With the rising cost of premium mobile devices, such as the Apple iPhone 15 Max, you may become an attractive target for identity and synthetic fraudsters. The most susceptible entities in this market space are authorized resellers, constituting approximately 70% of all wireless stores in the U.S. In November 2023, one store witnessed an 8% deactivation rate, with 90% of the affected accounts showing no data usage.
Where it all begins
Global telecom leaders invest significantly in cybersecurity and IT to combat malware, criminal schemes, ID theft, and Synthetic fraud, allocating around 2.5% of their revenue for this purpose. A recent survey Wave 7 Research shows that 80% of Verizon Wireless stores and 70% of AT&T stores are authorized resellers, totaling over 20,000 in the U.S. These resellers, have access to the onboarding process and the use of technologies by their corporate carriers but are not bound to use the carriers methods.
Corporate stores focus more on sales of data, servicing and support for business and retail clients while resellers emphasize sales on mobile activations, equipment, accessories, to generate commissions. The economic impact reveals a disparity—corporate stores absorb the impact when facing fraud-related equipment losses, unlike resellers who bear costs of equipment and miss potential commissions.
VerifiScan™ offers an advanced A.I. solution for wireless resellers, detecting over 100 variables, using it's own patent pending technology and synthetic fraud and credit score analytics from TransUnion® and FICO.
Our Solution
VerifiScan™ redefines standards by using A.I. with unparalleled precision and 5X the speed compared to most legacy solution. Its cutting-edge, auto-capture and classification systems ensure accuracy and user-friendly operation, simplifying document management.
- Cutting-edge Forgery and Fraud Detection: Our advanced platform and machine learning models effectively detect and prevent document fraud, providing robust protection against sophisticated forgeries and ensuring real-time presence during identity verification.
- Barcode Authenticity Checks: VerifiScan™ meticulously examines AAMVA barcodes, conducting detailed analysis to discern genuine documents from fraudulent ones with remarkable precision.
- Static Security Feature Verification: VerifiScan™ verifies authenticity through standard security features such as holograms, logos, map icons, and document colors.
