IT-Online featured the news of Myriad Connect’s launch of a service to counter SIM-swap fraud.
The publication covered the SIM-swap fraud issue and how Myriad Connect’s service differed from the solution most commonly used in the South African market, two-factor authentication via SMS. Here, Myriad Connect’s VP of Business Development and Marketing, Paul Kingsbury, was quoted saying: “Even the National Institute of Standards and Technology in the US has identified that SMS is a risk. It is not fit to secure financial services as it can be vulnerable to man-in-the-middle attacks such as SIM-Swap. It poses a challenge for operators as there is no audit trail, opening a door to large scale fraud through a single point of failure.”
Read the full article here.