1What is SIM Fraud?
SIM fraud (or SIM Swap) involves fraudsters getting control of your mobile phone number by gathering personal information and changing SIM cards, typically at a mobile phone store.
2Who it affects?
Almost everyone who uses their phone to access their bank account. Business accounts are especially vulnerable to large transfers. Personal accounts might be more restricted.
3How it works?
By using identity theft, fraudsters convince the mobile operator that they are dealing with the account holder. The mobile operator points the number to a fraudulent SIM and now they have control of your details. Through the use of social engineering, the fraudster can gain access to your Bank account. Immediately they will change pins to lock the victim out and in minutes they can transfer the balance and clear the account.
4How to combat it?
Phonovation’s anti SIM swap attack software prevents this kind of attack using data only available to Phonovation. Phonovation’s service (PhonoSecure STOP) checks if the current SIM card of the customer’s mobile phone can be trusted. If the number has been ported within a certain time period, our service will flag the interaction as a possible fraud and direct the user to the banks care lines to confirm certain details that only the customer and bank should know i.e previous transactions etc.
Benefits of SIM Swap Protection (STOP)
Will maintain a record of all customers’ SIM information
- Initial baselining of customer’s SIM information & continuous refresh of SIM information at regular periods
- SIM Swaps that are older than 12 to 24 hours can be assumed genuine and messages can be released to them on request
- When a password reset or account payee is added shortly after a SIM has been changed, the system assumes that the SIM has been compromised and refers the password reset to the call centre agent to verify the customer identity before the passwords are released
- Phonovation wraps arms around the delivery to make it as easy as possible
- PhonoSecure STOP will slot in between your company and existing SMS Provider
- PhonoSecure STOP can be deployed in a relatively short space of time
- Requires minimal integration effort from your company to go live
What does SIM Swap Protection offer?
When you know that the person you are texting sensitive information to is your customer, you can.
- Allow them to add payee’s with confidence
- Remove the need for one time password generators
- Increase the transfer limit in line with the customers needs
- Allow them to apply for or sign for loans
Network secured and verified messages to your customers secure in the knowledge of who you are communicating with. By doing this you can reduce admin and equipment costs by streamlining the fraud prevention process
Our patented software to remove friction points in the customer journey like one time password generators and transfer limits
Fraud by asking the customer in real-time if they have made a suspicious purchase
In service with a major Irish bank since 2014
Minimal Systems Integration
PhonoSecure STOP slots in between your company and your existing SMS Provider
8 Clarinda Park North, Dun Laoghaire