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Tru.ID tackles SIM swap fraud

Source: tru.ID

Authentication platform tru.ID has released Active SIMCheck, an easy to integrate API product, as a timely response to the alarming growth in SIM swap fraud and account takeovers.

Banks, FinTechs, and any company using SMS to send security PIN codes, are all at risk.

Many kinds of mobile fraud, including SIM swap, are now becoming mainstream. Just recently, Wired UK reported on the “relentless rise” of Royal Mail text message scams, while The Sun warned against WhatsApp scam access codes. According to Javelin, the strategy and research firm, there’s been a 72% year-on-year increase of account takeover fraud (2020).

By using Active SIMCheck, any online business that uses PIN codes sent by SMS for user authentication can now protect their customers and their brand from the potential damage of identity theft and account takeover caused by SIM swap fraud.

One of the most common ways to implement SIM swap fraud is to intercept an SMS PIN code, and then take over a customer's account.

Now there is a simple, turnkey solution - Active SIMCheck from tru.ID - which works for any business that uses SMS PIN codes for user authentication.

How tru.ID Active SIMCheck works
tru.ID Active SIMCheck is an API-based service that connects directly, and in real-time, to mobile network operators to verify the identity of the SIM card in a user’s mobile phone. If there has been a recent change to that SIM card, the API will flag the change before an SMS or password reset code is sent, enabling action to be taken and blocking potential fraudsters from intercepting SMS messages including SMS 2FA PIN codes.

The new security check can be integrated quickly and easily alongside existing SMS 2FA solutions. There is no need for any change to user experience.

Paul McGuire, co-founder and CEO of tru.ID, says:
"Many of the security challenges faced by businesses today are caused by outdated reliance on passwords and SMS PIN codes. tru.ID delivers user authentication that is mobile-native, seamless, secure and private. Active SIMCheck is part of the range of new mobile authentication products developed by tru.ID that are based on the cryptographic security of the SIM card. The difference with Active SIMCheck is that it enables businesses to solve for a major fraud risk without impacting the user experience."

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