Following the news that a college student alleged to have stolen $5 million in cryptocurrency by using a hijacking technique called “SIM-Swapping” has been jailed for the first time, Tim Dunn, Commercial Director at ValidSoft commented below.
Tim Dunn, Commercial Director at ValidSoft:
“High levels of fraud have lead to an increase in security, yet in turn, has created an increase in fraud case loads. ValidSoft, the leading voice biometric and Device Trust solution provider, are the pioneers of Sim Swap fraud detection and prevention. With the world’s first deployment in 2013 into a UK Tier 1 bank, ValidSoft now protects 23 million UK banking customers covering multiple banks against this ever growing threat. The cloud-based solution, using simple APIs, allows banks to connect, test and deploy in extremely short time-frames.
The introduction of the new Payment Services Directive, PSD2, throughout the UK and Europe, has also shone a light on the efficacy of two-factor authentication solutions that use SMS to deliver security tokens for Internet banking. Their susceptibility to Sim Swap fraud is now causing other institutions to consider the ValidSoft Sim Swap approach to protection against MNO based fraud vectors.”
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