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STOP SIM Swap Fraud with PhonoSecure

Protect your customers from cyber fraud with secure messaging from our PhonoSecure suite, a new state-of-the-art cyber technology known as STOP, a fitting acronym for SIM Take-Over Protection.

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. Phonovation’s anti SIM swap attack software prevents this kind of attack using data only available to Phonovation.

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.

“STOP essentially protects the phone user from potential SIM hacking, offering an innovative and secure solution to cybercrime which is on the rise in Ireland,” wrote Ireland’s Technology Blog.

“Fraudsters can convince phone store staff members that they are you. They are then issued a new SIM with your mobile number and straight away your profile and security details are compromised. This means that the thief can now access your Internet banking, set themselves up as a payee and empty your bank account.

“Sometimes phone users are faced with circumstances of having to legitimately remove or replace their existing SIM card for reasons like changing phones to a smaller or bigger handset which requires a different SIM size, or perhaps move to another phone network but keep their existing number. This is fine if done securely, but recently there has been a spate of cybercrime connected with SIM swap fraud which has seen several incidents reported in Ireland and the UK.

”Criminals can take a SIM and impersonate the owner of the mobile phone number by activating the SIM, passing security procedures and putting in personal details they may have gotten access to. Perhaps the victim was targeted and his or her details would be known to fraudsters at this stage leaving them open to fraud.”

When you know that the person you are texting sensitive information to is your customer, with STOP you can:

  • Allow them to add payees with confidence.
  • Remove the need for a one-time password generator.
  • 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.

“Four out of five banks here are leaving their customers’ accounts at risk of SIM swap,” said Phonovation CEO Gavin Carpenter recently to www.techcentral.ie.

“The victim receives a text telling the phone user to call their bank, give personal information including PINs. There are also fake websites impersonating banks and they will then ask users to enter their details to gain access to their accounts.

“There have been several cases of cybercrime in Ireland and in the UK last year there a reported incident whereby one person lost a quarter of a million pounds this way. The frightening thing is that the account holder may be liable for this loss themselves as it’s not the banks responsibility to cover the pilferage.”

For more information on STOP, visit our PhonoSecure service page HERE.

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