Saturday, October 1, 2022
Published 2 Years Ago on Friday, Nov 20 2020 By Yehia El Amine
The UK’s four mobile network operators – EE, O2, Three, and Vodafone – have teamed up in developing a new application that aims to fight online identity fraud.
The app, called Number Verify, aims to strengthen consumer safety online and works as a verification software that allows customers to authenticate their user identities through matching phone numbers used in a web or app session to ensure the details being provided are the same registered on the customer’s account.
“Working collaboratively, as an industry the four operators can offer service providers and app developers reach that covers 65m mobile data connections, which is a powerful weapon in the fight against fraud,” Gareth Elliott, Head of Policy and Communications at Mobile UK said in a statement.
The app will allow businesses with mobile apps such as financial services (banks, building societies), e-commerce, gig economy platforms and social networks to enable their consumers to prove their identity when completing transactions on their mobile phones.
This will help businesses stay confident that customer identities are genuine – reducing fraud whilst still preserving their privacy.
“In a world of increasing digital transactions, the launch of Number Verify is an evolution in how customers can be protected against cybercrime and social engineering attacks,” Elliott added.
Prior to the launch of Number Verify, a common way for businesses to verify users was by sending a one-time passcode to the consumer’s mobile phone. This was then input into the business’s mobile app or website to confirm possession of the mobile phone.
Number Verify simplifies this process and is PSD2 SCA (Strong Customer Authentication) compliant, which means it adheres to regulation that has been adopted by the UK to protect business and consumers from the growing amounts of fraud in digital payments online.
Online identity fraud has been on the rise, especially during the Covid-19 pandemic.
According to a recent survey conducted by U.S.-based analytics, telco security, risk management firm, Mobileum Inc. 75 percent of operators polled were experiencing new or emerging incidences of fraud and 61 percent said network security threats increased or significantly increased since the beginning of the Coronavirus pandemic.
The company surveyed more than 200 executives from 90 Communications Service Providers (CSPs) on the effect of Covid-19 on their operations, it found that:
“The onset of the pandemic saw a growth in customers seeking advice on how to manage the emerging security, risk management, and business assurance challenges. The findings from the survey underline how CSPs need to be constantly vigilant and put in place the mechanisms to protect their customers, network and overall business sustainability,” commented Bernardo Lucas, Mobileum CMO.
Telecom fraud is considered one of the most serious threats the industry has faced; as it refers to the abuse and manipulation of telecom products – such as telephones and mobile phone – or services with the intention of illegally and illicitly acquiring embezzling money from communication service providers or its customers.
According to the EU’s law enforcement cooperation, telecom fraud can take a plethora of different forms, among them:
This is the most damaging fraud scheme to date, where a criminal partner with an International Premium Rate Number (IPRN) provider charges high rates for call termination and agrees to share revenue for any traffic generated by the fraudster.
This crime can have a significant impact on you as customers:
Not all International Premium Rate Number (IPRN) providers are fraudsters. There are legitimate operators offering genuine services.
One (ring) and cut – Wangiri fraud
Wangiri is a Japanese word meaning ‘one (ring) and cut.’
It’s a telephone scam where criminals trick you into calling premium rate numbers. A fraudster will set up a system – for instance using botnets – to dial many random phone numbers. Each call rings just once, then hangs up, leaving a missed call on the recipient’s phone.
Users often see the missed call and, believing it was legitimate, call back.
Vishing (a combination of the words Voice and Phishing) is a phone scam in which fraudsters trick you into divulging your personal, ﬁnancial or security information or influence you to transfer money to them.
The ongoing battle against online identity fraud is evident. As long as new technologies continue to emerge, hackers and cyber criminals will always try to worm their way into the system; but by applying the right fraud prevention and detection techniques and solutions, customers can shield themselves from these attacks.
It is a great point of frustration for many of today’s youth that while the rest of the world’s industries and sectors are digitized and evolving with time, the education system feels stuck in the 1920s – at least outside of developed countries. Many parents and children alike are yearning for a more futuristic education […]
Stay tuned with our weekly newsletter on all telecom and tech related news.
© Copyright 2022, All Rights Reserved