IPification has successfully launched its stand-alone product, the SIM Swap Detection solution.
(Hong Kong) — IPification, the seamless mobile authentication solution has successfully launched the SIM Swap Detection Solution, designed to address the rising concerns and increasing financial losses caused by SIM swapping.
In SIM swapping scenarios, a perpetrator usually obtains a user’s personal information such as first and last name, social security number, and ID. With that, they trick the mobile network operator into reissuing the phone number onto a new SIM card.
Once the new SIM card with the same number is active, fraudsters take advantage of all online accounts, most likely bank accounts by obtaining SMS OTPs to verify the transactions.
Alexandar Brankovic, IPification CTO explained, “We see the number of frauds around the world related to SIM Swap rising exponentially. Fraudsters are stealing hundreds of millions of dollars from people yearly. Current 2FA based on SMS OTP are proven to be an additional vulnerability, while there are very limited, if any mobile-network based authentication options that can prevent and detect SIM swap in real-time. The IPification SIM Swap Detection solution is a stand-alone product that interrupts the authentication process or sends a real-time notification to the bank when the user changes their SIM card. An essential step in preventing account takeovers and money losses”.
The IPification SIM Swap Detection solution can be deployed via already existing mobile network operator designated API or via installed IPificaiton’s GMiD Box, patented technology that enables all IPification mobile authentication and fraud prevention products.
IPification is currently having its products live across 23 mobile network operators on 4 continents. SIM Swap solution is at the moment tested and deployed for 3 Hong Kong users.
