Payfone Wins Patent to Curb Sim Swap Attacks
August 29, 2018 12:15 pm
Sim swapping has become an increasingly common way of stealing cryptocurrencies. Earlier this month, an investor sued AT&T for $224 million as his phone number was compromised and he ended up losing thousands of dollars in cryptocurrency.
Sim swapping is a method hackers use to gain access to a user’s phone number. Since the majority of authentications are carried out through a user’s registered phone number, hackers can gain access to the victim’s social media accounts and digital assets by employing Sim swapping.
In an attempt to reduce such incidents, Payfone developed a patented technology to prevent such attacks. As per the US Federal Trade Commission (FTC), Sim swapping attacks have grown by 2.5 times since 2013. Recently, Payfone won the patent that would help in preventing Sim swapping. The company is focused to get rid of Sim swap and porting attack incidents once and for all.
The patented software is named “Trust Score” and it helps telecommunication service providers detect instances of Sim swapping and porting before hackers get access to social media accounts or financial credentials. It will help in alerting the service providers for any malicious activity.
Notably, the service providers who have adopted Payfone’s technology are already observing a significant reduction in Sim swap attacks.
Payfone’s technology also provides detailed analytics and real-time data in case of a Sim swapping incident. The best part about this technology is that no personal information of the user will be shared with the service providers. This gives an added peace of mind to customers. The advanced analytics make online accounts more accessible while blocking possible scammers.