Payfone Gets SIM Swap Fraud Prevention Attack Patent To Ward Off Phone Hackers
As SIM swap is a type of fraud that is getting increasingly popular these days, just like cryptojacking, more and more companies are starting to become interested in protecting their clients better against these types of attacks. Now, Payfone, a digital identity company, has won a technology patent for SIM swap prevention.
Payfone Intends To End The Threat Of SIM Swap Fraud
According to a recent press, Payfone was the patent for the anti-SIM swap and porting attack technology, which a growing issue in the United States, according to the U. S. Fair Trade Commission. According to the FTC, these attacks are now 250 percent more common than they were in 2013.
Just earlier this month, Michael Terpin, a cryptocurrency investor, has filed a $224 million lawsuit against AT&T because $23.8 million USD were stolen from him in digital currencies using SIM swap attacks and the company did nothing to prevent the theft.
Trust Score Will Protect The Clients
The software patented by Payfone will be called Trust Score. Its main function will be to allow telecommunication service providers like AT&T to be actually able to detect SIM swap fraud and porting signals before the hackers are able to get access to online accounts.
This way, the authorities can be alerted of any kind of suspicious activities and the clients of these companies can be protected from theft. The press release also affirms that Payfone clients are already adopting the technology and have seen a significant reduction in SIM swap attacks since then.
According to the CEO of the company, SIM swapping and porting attacks are becoming a national epidemic in the United States. As Payfone has the power to stop these attacks, it has to do something and it urges service providers to use the technology to stop the attacks before they can happen and harm both their clients and reputations.
This new technology will give more detailed access to the companies to things like real-time data on SIM swapping, behavioral analytics and more. Trust Score will not store any kind of personal identity information from anybody. Also, the company lets general users make online accounts that can be accessed while the service blocks scammers via advanced analytics.
The global ambassador of Consult Hyperion, David Birch, noted that this technology is needed as companies are facing an epidemic of attacks and they will online rise in number without a proper technology.