Developments

Payfone’s technology now used to prevent SIM swap attacks saving crypto traders millions

Payfone’s technology is now used to prevent SIM Swap attacks saving crypto investors millions, pain and agony.

This was after Payfone, a leading digital identity authentication provider, was awarded the ‘Definitive SIM Swap Attack-Prevention’ Patent which it had filed back in 2014. Payfone was patenting a technology known as the Trust Score which is basically an anti-SIM swap and porting technology.

According to the patent, Payfone seeks to “reduce the risk of incorrectly failing to authenticate a mobile identity as valid to a third party making a request for mobile identity authentication (MIA) of a mobile subscriber.”

The technology is capable of protecting its users by “detecting SIM swap and porting signals before hackers can take over accounts, and alerting companies of abnormal activity,” noted a press release.

Rodger Desai, CEO, Payfone, said that “SIM swap and porting attacks are now a national epidemic.”

“Consumers expect digital services to be effortless and secure. Yet security can often be cumbersome. 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,” said David Birch, Global Ambassador at Consult Hyperion.

More to just protecting users against identity theft, the technology is also capable of providing safe and easy access to online accounts for the real owner while imposters are kept at a bay.

With SIM swap attacks being on the rise with recent attacks targeting cryptocurrency traders, this technology will be of at most help. But looking at the technology and Payfone’s patent details, the technology will be implemented by service providers rather than individual subscribers.

As Payfone’s technology is now used to prevent SIM Swap attacks saving crypto investors millions, do you think the technology will be 100 percent accurate?

Let us know your thought in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

Comments are off this post!