SIM swap fraud and cryptojacking have increasingly become popular methods of cryptocurrency theft among hackers worldwide. In an attempt to deter such attacks, digital identity company Payfone has won a technology patent for SIM swap prevention.
Payfone Looks to End SIM Swap Fraud
Digital identity authentication company Payfone has won a patent for an anti-SIM swap and porting attack technology, according to a press release.
SIM swap attacks are a growing issue for consumers and companies, with the number of victims increasing over 250 percent since 2013, according to the U.S. Fair Trade Commission (FTC).
Earlier this month, cryptocurrency investor Michael Terpin filed a $224 million lawsuit against AT&T regarding $23.8 million stolen in digital currencies via SIM swap attacks.
Payfone’s patented software, called the “Trust Score,” allows telecommunication service providers to detect SIM swap and porting signals before hackers gain access to online accounts, as well as alert companies of any suspicious activity. According to the press release, Payfone clients adopting the technology have already seen a signification reduction in SIM swap attacks.
Rodger Desai, CEO of Payfone, said:
“SIM swap and porting attacks are now a national epidemic, and Payfone has the power to stop this. We have the definitive set of patents and solutions to solve this growing threat. We urge service providers to take action by using our technology to thwart these types of attacks before they can do harm to their customers and to their reputations.”
Payfone’s Trust Score technology also gives companies access to detailed behavioral analytics and real-time data on whether a SIM swap has occurred. The Trust Score does not store or transfer personal identity information to service providers during use.
For general consumers, the Trust Score has an added benefit of making online accounts more accessible while simultaneously blocking scammers through advanced analytics.
In the official press release, Consult Hyperion’s global ambassador David Birch noted:
“With new, cutting-edge attacks such as SIM swaps, businesses need more and better security, which could mean more friction and therefore fewer customers. Payfone’s technologies deliver the security without the friction.”
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