SIM-swap fraud has become a significant threat in the banking world. In 2021, this type of fraud saw a 400% increase compared to the period between 2018 and 2020, causing the FBI to issue a warning earlier this year. Banking customers reliant on SMS OTPs to access or authenticate their accounts or transactions are left especially vulnerable.
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Dewald Nolte, Chief Strategy Officer at Entersekt, explores how banks can solve SIM-swap fraud while also improving the user experience of their customers’ authentication journeys. He shares the impressive results seen by an issuer that implemented a state-of-the-art solution.
In this month’s BAI Executive Report, we examine where things stand with fraud protection and how it can be done more efficiently and effectively, including looking at the role of both humans and technology in fraud prevention strategies. Download Now...
A strong authentication process is key to mitigating mobile phone fraud and distinguishing legitimate customers from fraudsters. Don Smith, product manager of global fraud solutions at Neustar, a TransUnion company, spoke with BAI about strategies to strengthen customer authentication....
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