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SIM Swap Detection

Myriad Connect’s service helps reduce SIM Swap fraud by providing a real time check on the SIM during a transaction, using USSD (Unstructured Supplementary Service Data) authentication.

SIM Swap Detection

How SIM Swap Detection works?

A Bank wishes to authenticate an individual attempting to add a new payee to an account

user attempts to add a new payee to a bank account
A user attempts to add a new payee to a bank account, online or via mobile app.
Bank sends an advanced push notification
To confirm the veracity of the request, the Bank sends an advanced push notification to the user’s mobile device asking him to confirm the action.
Single tap response from user is communicated back
Single tap response from user is communicated back, other pieces of information are retrieved on top of the answer.
Bank determines if a SIM swap has taken place
Bank determines if a SIM swap has likely taken place and therefore whether to proceed with the transaction or not.
The Bank can further validate the veracity of the transaction
The Bank can further validate the veracity of the transaction by sending a follow-up push notification asking the user a security question.
Features SMS OTP Module App USSD Push Myriad USSD Push
Content interception Easy Difficult Difficult Difficult
Data not persistent
Sim Swap secure N/A
Secure against ‘man in the middle’ attack
Mobile device compatibility
No data connectivity requirement
Global network reach
No data connectivity requirement

With Myriad Connect’s service no persistent data is held with any third party, providing a more secure service than current two factor authentication services, for example using SMS, where data is stored and therefore vulnerable to being intercepted.

Using USSD provides an entirely out-of-band channel for authentication, with all interactions transmitted over the mobile network, which is separate to the browser or online channel being used by the customer to initiate the transaction. Myriad Connect’s session-based service sends an advanced push notification to open up a conversation between the bank or payment provider, to deliver a real-time check to verify the identity of the customer, which cannot be tampered with via compromised third parties within an operator or bank.

A clear audit trail is also established, where the user’s identity is verified by a party external to the transaction. This results in a technology that will greatly enhance the security of transactions vulnerable to SIM-swap fraud.