Solve SIM swap fraud - even when the phone is
allegedly at "the bottom of the lake."
Bad guys impersonate the customer with their mobile carrier and perform a malicious SIM swap –
or get the phone number ported out of the carrier to an account owned by the fraudster. They take advantage
of weak authorization at two points in the swap transaction:
In the carrier, where they don't have strong authorization to confirm the mobile customer intent, which is to actually get a new SIM or to port out their line.
At the downstream institution, which is relying on SMS text-based authentication -- which acts as a weak authorization for the transaction.
The best way to defend against SIM swap fraud is to add strong authorization to the transaction. The Authoriti
Permission Code smart PIN executes an explicit authorization of the specific transaction -- not just multiple re-authentications at each new step in the process. This keeps the customer informed of the context and ensures an accurate transaction.
Authoriti reduces risk for situations in which the carrier does not have adequate swap controls. For instance, the Permission Code can secure transactions when the carrier is using SMS for two-step authentication.
The Authoriti SIM swap fraud solution:
Includes tight identity binding between the end-customer and the authorization of the transaction.
Includes a pre-built workflow to support Identity verification such as driver’s license scanning and selfies for liveness testing.
Supports the re-linking of customer identification to the account for either initial enrollment or lost phones.
Works in all channels; it can be automatically pushed over the web or mobile apps, it can be read aloud on the phone,
or it can be scanned at the point of sale.