19 September 2017 |
Phonovation has added an identity verification technology known as SIM Take Over Protection (STOP) to its PhonoSecure suite of cybersecurity products.
STOP offers a secure solution to SIM swap fraud, where criminals can take a SIM card and impersonate the owner of the mobile phone number by activating the SIM, passing security procedures and putting in personal details they may have gotten access to.
“Four out of five banks here are leaving their customers’ accounts at risk of SIM swap,” said Gavin Carpenter, CEO, Phonovation (pictured).
“The victim receives a text telling the phone user to call their bank, give personal information including PINs. There are also fake websites impersonating banks and they will then ask users to enter their details to gain access to their accounts.
“There have been several cases of cybercrime in Ireland and in the UK last year there a reported incident whereby one person lost a quarter of a million pounds this way. The frightening thing is that the account holder may be liable for this loss themselves as it’s not the banks responsibility to cover the pilferage.”
Founded in 1988, Phonovation started out offering a range of mobile related business services such as bulk SMS distribution services, automated calls and custom-built communications software offerings for business. The company currently sends out over 200 million SMS per annum on behalf of clients, which include Vodafone and RTE. The company employs 20 people at its offices in Dublin and London.