With news of the launch of Myriad Connect’s service to tackle SIM swap fraud, Fraud & Identity Today’s recent article on ‘Solving SIM-Swap Fraud‘ mentioned how Myriad’s service was helping to address the issue.
Fraud & Identity’s Michael Guta covered how “Every new technology designed to make our lives less complicated and more efficient comes with a great risk of criminals exploiting the vulnerabilities within these systems. Case in point is the rapidly growing SIM-Swap fraud. Many banks have a policy in place that requires them to verify a caller’s identity by checking the SIM card they’re calling from. However, criminals have identified a vulnerability in this system and, unfortunately, they’re exploiting it to drain entire bank accounts of customers around the world.”
Guta goes on to discuss how SIM-Swap fraud occurs and what is being done to stop it.
Read the full the full article here.