Fraud is a painful reality in financial services, and the pandemic has only accelerated the number of attacks.
Fraudsters often target fintech apps over traditional banks and retailers because in-person transactions and online orders of physical goods present more risk of being discovered. They use a number of sophisticated social engineering, phishing and stolen information (personal and financial) purchased from the dark web to commit fraud on unsuspecting consumers.
We’re proud of our track record of protecting consumers from fraud, but we’re not immune to it either. No business is, unfortunately.
If and when fraud does happen, Dave is committed to making it right.
In the event where there is confirmed fraud we work quickly to assist in reversing the charge(s) and coordinating with 3rd-party bank partners as needed. While the time period for resolving fraudulent charges varies, funds are returned to their rightful owner within 2-3 weeks.
If you are not a Dave member but are a victim of fraud, you can reach us by phone (844-857-3283) or email (email@example.com).
In order to combat fraud, we use a number of industry-leading approaches, including:
External Monitoring: Dave’s fraud and financial crimes team actively monitors online forums and the dark web for indications of fraudulent activity using Dave products and services
Identity Operating System: Dave has a system in place that uses machine learning and data curation strategies to identify if a new banking account is being set up using fraudulent customer information.
Dynamic Fraud Engine: Dave uses a dynamic fraud engine to automatically detect potentially fraudulent charges. The system flags charges that are out of the ordinary based on large data sets and can detect if a Dave Banking account is being used for fraudulent activity.
We continue to work hard to stay ahead of the fraudsters by implementing new technologies and continually bolstering our defenses.
Another important part of the fight against fraud is through financial education and awareness. We’re excited about a campaign that we’ll be launching in the coming months to educate consumers about fraud, including ways they can protect themselves. Stay tuned to the blog for more information soon.
We hope that no one ever becomes a victim of financial fraud, but if it does happen and Dave can do something about it, please know we always have your back!