Grapevine fights SIM swap fraud with new product

Tuesday 5 March 2019 11:08 CET | News

Grapevine has launched its SIM Swap Detection service to help financial institutions identify suspicious SIM swaps.

By performing real-time checks on customers data with Grapevines new SIM Swap Detection service, financial institutions can monitor their customers SIM swaps. They can also assess the risk of fraud and decide on what actions to take next; whether it is to freeze the account and terminate the transaction, or to ask further authentication questions on alternative channels to verify the customer.

SIM swap fraud generally targets a weakness in two-factor authentication and two-step verification, where the second factor or step is a one-time pin (OTP) or password via SMS or a call placed to a mobile telephone. By implementing SIM swap checks on all services that generate OTPs as an extra measure to authorize transactions, companies can reduce the risk of SIM swap fraud, preventing reputational damage and loss of time and money.

Grapevine guarantees better insight and customer satisfaction because their clients will be able to use customer data generated by mobile networks to protect customers against fraud.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Grapevine, SIM swap fraud, authentication, mobile network
Countries: World

Industry Events