Securing A2P SMS Business Messaging – MEF Whitepaper
Working with our colleagues at Mobile Ecosystem Forum Myriad shares insights on SIM swap fraud
As members of Mobile Ecosystem Forum (MEF), the Myriad team worked alongside colleagues at MEF looking into how to secure A2P SMS business messaging. With Myriad’s wealth of experience in SIM swap fraud, we shared our insights.
The full paper is available for download here.
“With the growth and continued investment in the digital service industry the requirement for mobile, as the trusted source to authenticate or verify users, has become paramount. In this respect, one-time-password (OTP) over SMS has become a widely adopted and popular method for authentication. As covered in this paper, there are some inherent weaknesses in this method of authentication that are often exploited by fraudsters to gain access to users’ digital accounts. One of the most prolific frauds is SIM swap fraud.
Myriad Connect partners with mobile network operators to offer SIM swap detection services to the financial services industry, which has been particularly impacted by SIM swap fraud globally.
The SIM Swap detection service provides a real time check on the SIM, where no persistent data is held with any third party and the IMSI information provided to and used by Myriad is hashed (no IMSI in clear). This service adds an additional element of security to existing authentication services, like OTP over SMS, whereby you can verify that the subscriber is in possession of their mobile number (and therefore confirm that it is the verified end user authenticating a transaction).”
Download the full paper here.