When mobile banking grew there came a new way, and a new reason, for acquiring your personal data. More and more people have smart phones which now account for 83% of the phones in Ireland, and we all love the convenience of Apps. Whether its taxi’s, music or banking ….there’s an App for that.
With more convenient ways of organising your life through Apps comes the dangers also. Criminal gangs have become extremely inventive in ways of acquiring your information and using this to empty your bank accounts. Sim fraud is a very real and growing trend in how they are doing this.
SIM fraud (or SIM Swap) involves criminals getting control of your mobile phone number by gathering personal information and changing SIM cards at a mobile phone store. With this information they can access your bank account and transfer funds in minutes.
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 confirm certain details that only the customer and bank will know…previous transactions etc.
Ask your bank if they are protecting you against SIM fraud or contact us at Phonovation:
8 Clarinda Park North,
Republic Of Ireland
+353 1 284 30 11