Know Your Customer Match
Get Authentication Speed to Stay One Step Ahead of Fraudsters
The Problem
SIM Swapping is the routine act of transferring a phone number to a different device through the mobile phone carrier. Unfortunately fraudsters have learned to exploit this process, making SIM swap fraud a rising and costly cyber threat for enterprises worldwide. Fraudsters use illegitimate SIM swaps, in which they convince mobile carriers to switch a customer’s phone number to a new SIM card, to gain control of a victim’s phone number, enabling them to bypass authentication based on SMS or text-to-speech. With this access, fraudsters can take over a user’s bank accounts, social media, and other critical services tied to their phone number.
For enterprises, this can lead to huge financial losses, eroded customer trust and damaged company reputations. For customers, SIM swap fraud is equally devastating, as they often face personal data theft, drained bank accounts, and compromised identities. Businesses relying on legacy customer authentication methods are especially vulnerable.
The Solution
netnumber’s SIM Swap Detection tool empowers businesses with the key asset to stay one step ahead of fraudsters – speed. Unlike traditional services that rely on databases, which may lag by up to four days, netnumber provides real-time information – including a time stamp – the moment a SIM swap occurs. With real-time detection, enterprises can thwart attacks before significant damage occurs, minimizing financial losses and maintaining customer trust.
By preventing fraudsters from exploiting the delay between the SIM swap and the victim’s awareness, netnumber offers a critical layer of protection. Its rapid response time drastically reduces vulnerabilities, securing enterprise systems and assisting in compliance objectives with industry or regulatory frameworks like PSD and SCA.
Key Advantages
Extensive Coverage
The SIM Swap Detection service is a reliable real-time API that connects directly to the most commonly used Mobile Network Operators around the globe. The service also works across 100% of mobile devices, ensuring that even customers on older devices are protected from SIM swap fraud as well as brand new eSIMs.
Actionable Insights
The solution provides detailed fraud signals such as SIM swap timestamps, giving businesses the data they need to detect early emerging account take over (ATO) threats quickly and effectively.
Fraud Prevention at Scale
SIM Swap Detection can scale to handle millions of transactions daily. For example, one UK financial institution saw a 30% reduction in fraud after integrating real-time SIM Swap Detection across their systems.
CONTACT US TODAY!
To learn more about how netnumber ’ full range of innovative, pioneering and cost-effective phone number intelligence solutions can help you streamline, simplify and secure your network operations, drop us a line at sales@netnumber.com
