Digital identity authentication company Payfone has won a definitive patent for its anti-SIM swap and porting attack technology.
Called the Trust Score, Payfone’s technology is already helping proactive service providers protect their customers by detecting SIM swap and porting signals before hackers can take over accounts, alerting companies of abnormal activity.
Trust Score gives companies real-time insights, at the time of a transaction, by combining a check of whether a SIM swap has taken place with advanced behavioural analytics. Payfone is able to provide these services without storing or passing personally identifiable information in production environments to service providers who obtain consent to use the Trust Score.
Clients using the technology have reported an elimination or dramatic reduction in SIM swap and porting account takeover attacks since implementation.
“SIM swap and porting attacks are now a national epidemic, and Payfone has the power to stop this,” said Rodger Desai, CEO of Payfone. “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.”
SIM swap attacks is one of the fastest-growing fraud vectors plaguing companies and consumers today, with the number of victims increasing more than 250% between 2013 and 2016, according to the U.S. Fair Trade Commission.
The world’s largest banks, insurers, brokerages and technology companies use Payfone to thwart digital identity theft with real-time, passive identity authentication and predictive identity confidence through its Trust Score.
Payfone provides Instant Authentication for Mobile, a behind-the-scenes, identity verification solution that enables enterprises to authenticate their clients through mobile phones.
It does this ‘quickly and securely’ by using a Trust Score that is generated by analysing digital signals against multiple authentication factors. The solution allows companies to eliminate two-factor authentication methods like SMS one-time passcodes and knowledge-based authentication.
Earlier this year, the company raised $23m to expand into markets. The round was led by an institutional investor with participation from Synchrony Financial and MassMutual Ventures. Anil Aggarwal and Jonathan Weiner, the founders of Money20/20, Shoptalk and HLTH; and Andrew Prozes, the former global CEO of LexisNexis also joined the round.
The investment came just a month after Payfone has partnered with O2, a U.K.-based mobile network operator.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
