2018-8-29 13:50 |
Payfone has been awarded a patent for SIM swap and porting attack prevention technology, which is already being used by organizations to reduce or eliminate fraud. The technology will also help cryptocurrency companies provide more levels of protection to their client’s accounts.
Increasing Occurrences of SIM Swap Attacks in the USThe US Fair Trade Commission suggests that SIM swap attacks have increased by 250 percent between 2013 and 2016. It is one of the fastest-growing issues for companies that handle sensitive customer data. In SIM swap attacks, a fraudulent request from a customer is generated to swap a SIM card. Another variation of this attack is when a request for a number port-out is generated by customers. These new SIMs are then used to enable attacks on a customer’s identity and on their finances.
Consumers, as well as banking, financial and telecom companies, become victims of these transactions. Companies gain a bad reputation because of their product’s involvement in the process. Moreover, they are loathed for failing to protect their customer data properly and are at greater risk of losing their customers to competitors. The threat of lawsuits from failing to sufficiently protect customer accounts is always looming too, and as we have seen recently with the lawsuit against AT&T, this could be in the order of hundreds of millions of dollars.
How Does the Payfone Technology Help?The Payfone-patented technology, called Trust Score, is already being used by organizations. It detects SIM swap and porting signals before hackers can take control of an account, thereby saving both the customers and the companies. The related companies are alerted about abnormal activities. Payfone claims that clients that use their technology have reported a “dramatic reduction” in such attacks.
Speaking on the company’s new technology, Payfone CEO Rodger Desai described:
“SIM swap and porting attacks are now a national epidemic, and Payfone has the power to stop this. We have the definitive set of patents and solutions to solve this growing threat. We urge service providers to take action by using our technology to thwart these types of attacks before they can do harm to their customers and to their reputations.”
The Trust Score uses advanced behavioral analytics to predict whether a SIM swap request is genuine. It does so without passing or storing any personally identifiable information. The Trust Score, the company claims, can also provide a more “seamless experience” to legitimate users.
New Payfone Patent To Prevent SIM Swap and Porting Attacks was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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