Protecting Your Customers from SIM SWAP
SIM swapping is an increasingly popular account takeover fraud scenario that has in recent years caused havoc on financial institutions and consumers alike.
With the growth and sophistication of mobile banking, a new security vulnerability has become the smartphone. Fraudsters have shifting their focus from desktop-based fraud to mobile attacks.
Fraudsters view the mobile is the new “weakest link” and have created creative and sophisticated mobile fraud attacks that have swindled millions and caused considerable damage to financial institutions.
Legacy Authentication Solutions Struggle to Stop SIM SWAP
Legacy authentication technologies validate device authenticity, not actual end-users. One-time biometric verification was not designed to identify and stop malicious activity that compromise smartphones during and post login. Only by integrating the user’s unique bio markers, along with his/her device fingerprint data and transaction analysis can organizations curb SIM SWAP.
Paygilant’s Contextual Multi-dimensional Authentication is “the last line of defense” against SIM SWAP attacks. Paygilant’s continuous authentication of users based on unique and nearly impossible to mimic personal behavior patterns allows organizations to confront the threat of SIM SWAP.
How Does Paygilant Stop SIM SWAP During The Users Journey
Paygilant’s six intelligence sets work as layers to stop SIM SWAP throughout the different stages of the user’s journey.