Guatemala Finance Firm Takes a Stand Against Fraud with Cutting-Edge Security Solution

Zigi, a Guatemala-based fintech firm, has taken a bold step in combating fraudulent activities within its digital financial services platform by opting for SHIELD’s device-first risk intelligence solution to detect and prevent fraud at the root.

Combating Fraudulent Activities

The platform, which caters to the essential financial needs of Guatemalans, had been plagued by fake accounts created to exploit promotions and account takeover attacks. However, with SHIELD’s technology in place, Zigi has effectively eliminated these fraudulent activities, ensuring a secure and trustworthy ecosystem for its users.

The Rise of Account Takeover Attacks

Account takeover attacks are on the rise globally, and the financial industry is a primary target for cybercriminals. These attacks typically involve social engineering tactics, such as phishing or spear-phishing, to manipulate users into exposing login data or downloading malware.

Tactics Used by Fraudsters

Fraudsters also exploit accessibility permissions to perform account takeover, manipulating users into granting permissions to malicious apps that can then be used to take control of accounts and extract funds.

Zigi’s promotions, including discounts for using the app and a referral program, had become vulnerable to fraud as well. Malicious actors created fake accounts using app cloners and emulators to exploit these incentives and promotions, wasting marketing budgets on fraudulent activity rather than rewarding genuine customers.

How SHIELD’s Solution Helped

With SHIELD’s device-first risk intelligence solution in place, Zigi has been able to pinpoint fraudulent devices used to create fake accounts, preventing promo abuse and account takeover attacks. The technology analyzes thousands of devices, network, and behavioral data points to provide actionable insights in real-time, ensuring a secure and trustworthy ecosystem.

Identifying Malware and Malicious Tools

SHIELD’s Risk Intelligence also identifies malware and malicious tools associated with fraud, such as app cloners, autoclickers, and emulators, enabling Zigi to stay ahead of fraudsters. The Global Intelligence Network, which contains all fraud patterns encountered worldwide, provides real-time attack pattern synchronization, empowering the Zigi team with actionable intelligence to proactively prevent fraud.

Zigi’s Commitment to Security

“We’re committed to providing a secure and trustworthy ecosystem for our customers,” said Brenda Menjívar, Chief Data Officer at Zigi. “SHIELD’s technology empowers us to stay ahead of fraudulent activities, ensuring the highest standards of security for our platform and users.”

The Future of Fraud Prevention

With SHIELD’s solution in place, Zigi is well-equipped to combat fraudulent activities and ensure a safe and secure financial experience for its customers. By leveraging cutting-edge technology, Zigi can continue to provide innovative financial solutions while maintaining the trust of its users.