Protect your customers from cyber fraud with secure messaging from the PhonoSecure suite.
(SIM Take-Over Protection)
What is SIM Swap Fraud?
Most bank accounts use two step authentication to validate password resets and adding payees. The key to this two-step authentication is that you are the person in charge of your phone. In order for a fraudster to gain access to your mobile phone, they obtain banking account details and mobile numbers through phishing or malware. They then use this information to open a bank account in the victim’s name, something which is usually easy to do because less rigorous checks tend to apply if an account holder is already a customer.
The new account is then linked to a new mobile phone account, which is also set up in the victim’s name. A new SIM is applied for and once activated, a fraudster will ask the bank to remind them of their security details. Once activation codes are sent, funds are transferred over from the victim’s original bank account into the new one and then immediately withdrawn. Phonovation’s anti SIM swap attack software prevents this kind of attack using data only available to Phonovation.
Benefits of SIM Swap Protection (STOP)
- 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
- However, 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
- Ð Ensures strong 3FA identity across all customer channels, e.g. Mobile Banking & Mobile Payments Applications, etc.
Who needs STOP
Mobile Phone Carriers
Any company with Sensitive Customer Information
What is SIM Swap Protection (STOP)?
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 a one time password generators
- Increase the transfer limit in line with the customers needs
- Allow them to apply for or sign for loans
- Allow them to verify suspicious credit and debit card purchases by SMS in real time
Minimal Systems Integration
PhonoSecure STOP slots in between your company and your existing SMS Provider
(Fraud Prevention System)
Q. What is FPS?
A. A completely automated means of investigating suspicious transactions.
Q. How does it work?
A. If a transaction is flagged as suspicious an automated SMS or automated call is sent to the customer to reply if they carried out the transaction. If they confirm that it was them then the transaction is allowed through.
Q. What are the benefits of FPS?
A. Proven to reduce fraud.
Reduce admin and equipment costs by streamlining the fraud prevention process.
Improved customer satisfaction for improved security while improving the customer journey.
FPS Key Facts
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