SIM swap – simple, yet extremely effective fraud — is contentiously on the rise. With an increase of 60% between 2016 and 2018, just in the UK, SIM swapping has become the bane of modern mobile-centric lifestyle and two-factor authentication.
All a criminal has to do is gain some level of personal information about the victim to persuade a mobile carrier to transfer a phone number to a blank SIM. Once the mobile number has been transferred to the new SIM, scammers can reset different account passwords and gain access to services that require SMS authentication, most notably banking and payment services.
At JT we look at SIM swapping from the perspective of a Tier 1 carrier that works with a large number of banks and payment providers, and tackle the problem at all levels. Download our white paper to learn more about:
- What are the risks to financial institutions
- How can banks protect themselves from SIM swapping
- How will the revised PSD2 regulation affect mobile banking and two-factor authentication
- How JT tackles mobile fraud