13th - Feb - 2017
Can mobile network operators prevent SIM swap fraud?
Although cases of SIM swap fraud are extremely rare, when they do occur, they can have a hugely negative impact on consumer trust.
The ubiquity of the text medium has meant that everyone from banks to social media networks now rely on SMS based two-factor authentication (2FA) for routine identify authorisation. Therefore, when the perceived security of 2FA is called into question it affects consumers, enterprises and mobile network operators (MNO) equally.
Cases of SIM swap fraud occur as a direct result of social engineering. Criminals use nefarious means to obtain personal information to enable them to request a replacement SIM and potentially intercept 2FA messages.
Unfortunately, when this happens, the media tends to point the finger at the humble SMS, calling in to question the security of the underlying technology. Therefore, wouldn’t it be great if there was a way that MNOs could detect and prevent SIM swap fraud before it took place?
We are excited to have just signed an agreement with a tier one MNO, making us the first mobile messaging company to trial an innovative new technology solution, designed to mitigate the risks banks and online businesses face from SIM swap fraud.
If you want to talk to us about how to detect and prevent SIM swap fraud, book a meeting with us at MWC.
Author: Rob Malcolm, VP Marketing & Online Sales at CLX Communications