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Fraud & Identity Today Week in Review: SIM-Swap, Mobile Payment and Telecom Fraud

By Alicia Young Web Editor

Welcome to the week in review, where we take a look at all the top stories making headlines in the mobile fraud space this week.

This week we took a closer look at the various kinds of fraud, all of which seem to be growing in popularity over the years. First up, Michael Guta explored SIM-Swap fraud. He explains what SIM-Swap fraud is by writing, “This is a type of fraud in which criminals register the current number of a legitimate customer on a new SIM card. If you happen to use your mobile phone for banking or other financial transactions, the fraudster is able to intercept vital information that allows them to gain access to your bank, credit cards and other personal information.” This can turn into a major problem, especially if your bank uses your SIM card for verification purposes when you call in. Luckily, companies have acknowledged this problem and are creating solutions to fight it. Find out how HERE.

The issue of mobile payment security was also explored this week. TMC’s (News - Alert) Laura Stotler reported on a survey from Oxford Economics which points out that most people are interested in mobile payments, but are afraid to use the function due to security concerns. These concerns are 100 percent understandable, and the company that finally figures out how to solve this issue will undoubtedly reap the rewards. Everything you need to know is HERE.

Telecom fraud was also discussed this week. Steve Anderson took a look at some statistics surrounding telecom fraud—from when it first became a noticed problem to now. Although there are solutions out there that can help, the drop in telecom fraud hasn’t been as high as hoped. Luckily, companies are taking notice and putting out even more advanced solutions to combat the revenue leakage that always goes along with fraudulent activity. Find out more HERE.

Finally, the week rounded out with the news that iconectiv’s (News - Alert) director of product management, Chip Stevens, will be giving a talk regarding the issues that networks face in terms of potential fraud. He will also discuss some means of protecting against those issues, as well as how to prevent some of those problems from ever happening in the first place. Steve Anderson has everything you need to know HERE.

That’s all for this week. Come back next week to read all the latest fraud-related news.