The banking issues that affected TSB in April have seen a marked increase in SIM Fraud attacks. This is not confined to one banking organisation, are you protected? Are you one of the 58% of Irish people accessing your bank account online?
A high proportion of Irish banking customers now have their mobiles linked to their bank accounts. Unlike mobile malware, SIM swap fraud attacks are targeted at individual victims using the victim’s personal information collected via social engineering. How often have you shared pictures of your holidays, your jobs, your latest purchase or your new car online? These are the triggers used to attract the fraudsters to you and your bank account.
Once they have you in their sights, they gather as much information as possible and set about to get your mobile number moved to their SIM. Through convincing the mobile operator/store that they are you (the victim) they port your number to their SIM and once complete, they have access to all of your messages and calls. If you are one of the 83% or Irish people with a smartphone and doing online banking they can begin the process of accessing your account and transferring your money out.
Phonovation’s patented anti SIM swap attack software prevents this kind of attack using data only available to Phonovation. Phonovation’s service, PhonoSecure S.T.O.P. (SIM TakeOver Protection) 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.
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
+44 800 02 83 730