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PHONOSECURE

Protect your customers from cyber fraud with secure messaging from the PhonoSecure suite.

STOP

(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are sent, funds are transferred over from the victim’s original bank account into the new one and then immediately withdrawn.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)

PhonoSecure STOP

Will maintain a record 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
  • 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

PhonoSecure

Is a future proof platform which can extend to location based proofing as well as SIM validation

  • Ð Ensures strong 3FA identity across all customer channels, e.g. Mobile Banking & Mobile Payments Applications, etc.

Who needs STOP

Banks

Insurance Companies

Payment Providers

Mobile Phone Carriers

Email Providers

IT Companies

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

Send

Network secured and verified messages to your customers and know the person you are communicating with. By doing this you can reduce admin and equipment costs by streamlining the fraud prevention process

Use

Our patented software to remove friction points in the customer journey like one time password generators and transfer limits

Reduce

Fraud by asking the customer in real-time if they have made a suspicious purchase

Proven

In service with a major Irish bank since 2014

Minimal Systems Integration

 

PhonoSecure STOP slots in between your company and your existing SMS Provider

To find out more

About how your business can use PhonoSecure

FPS

(Fraud Prevention System)

FPS Q&A

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

Very suspicious

transactions are automatically blocked

Transactions in-between

trigger an automated communication to the customer to either confirm the transaction or block it

Non-suspicious

transactions are allowed through

FPS

is a completely automated transaction check that puts the customer at the centre of the security; improves the customer journey and reduces security admin costs

FPS analyses

and rates transactions such as credit card payments and gives them a rating

Proven

In service with a major Irish bank since 2011

TO FIND OUT MORE

About how your business can use PhonoSecure