Myriad Connect speaks to MyBroadband on SIM-Swap Fraud
Myriad Connect’s Paul Kingsbury, VP of Business Development & Marketing, recently spoke to MyBroadband’s Jan Vermeulen about the launch of Myriad Connect’s service to tackle SIM-Swap fraud.
With the growing threat of SIM-Swap fraud costing banks and customers millions, Vermeulen was keen to explore how Myriad Connect’s service differs from other technologies currently available to address the issue. Myriad Connect’s authentication service matches a customer’s SIM (IMSI), with their telephone number (MSISDN); so transactions are not authenticated on telephone number alone, unlike other authentication services.
Myriad Connect’s service provides a real time check on the SIM, using USSD (Unstructured Supplementary Service Data) authentication. What separates Myriad from other two-factor authentication services using USSD technology, is that Myriad owns, controls and operates the USSD layer and all associated technology. Which means that we remove the opportunity for third party collusion, which other USSD two-factor authentication services are not able to offer.
Another unique benefit of Myriad’s solution is the real-time reporting (i.e. during the USSD session with the customer). This provides the banks with a frictionless means to engage with the customer if an IMSI change has been detected, to ask security questions to verify who they are speaking to. The bank or financial institution is then empowered to make a call, immediately, on whether to freeze the account and terminate the transaction.
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