Smartphones have become an integral component of our personal and professional lives, allowing individuals and businesses to accomplish all manner of things never before possible. As we have become increasingly dependent on these devices, we have shared more of our data with them; this has led to an increase in the number of people taking advantage of this dependence.
Mobile fraud, like SIM swapping and call diversion, is on the rise; this is due to data, generally, being poorly secured and extremely valuable. Customers of banks and other financial institutions are particularly at risk for these forms of fraud; since there is an distinct and direct reward when these scams are successful.
Fortunately, JT is leading the telecom industry with innovative security solutions to these forms of mobile fraud. JT's Fraud Protection Services Provides a suite of products; these enable banks to protect its consumers, stopping mobile fraud before it starts; keeping the customers, and reputations, of our partners safe.
The Risks of SIM Swapping
One of the most popular forms of mobile fraud is SIM swapping. SIM swapping takes advantage of a routine aspect of smartphone ownership - upgrading/exchanging your SIM card for another - and uses it to intercept a person's incoming phone calls and SMS messages.
To accomplish this, a hacker gathers the personal information needed to impersonate an individual over the phone, and then contacts that individual's telecom company; asking them to transfer the victim's phone number to a SIM card that is in possession of the hacker.
When successful, all of the messages that are intended for the victim instead go straight to the hacker. From this point, the fraudster can work their way into a person's various accounts, eventually gaining access to sensitive information and resources.
JT Fraud Protection Services
JT Monitor is designed to specifically target the rising threat of SIM swapping scams. It works by establishing a baseline of data for a particular number, making it much easier to spot if a SIM swap has occurred, and if so, decide how likely the SIM swap is to be illegitimate.
If that same phone number begins to try and access sensitive information through one of our partnered banks; their request is fed through our JT Monitor algorithm, which then decides if the request is too high risk to be permitted. This way, banks can keep their customers secure without reducing the convenience of their service.
JT Signal leverages data from the telecoms infrastructure to enable the market with data attributes. The main use of this is to determine if call forwarding has been applied to a subscriber’s record. Call forwarding can provide a clear indicator of a subscriber’s handset or details being compromised – this means that calls and texts used by banks to secure a customer’s details can be compromised, by being sent through to another number.
By providing a mechanism to check if this has been applied it ensures banks can provide a layer of protection for their consumers.
Establishing a device’s location is a key factor within the decision-making process for banks and financial
institutions. Due to our partnership with the UK operators, JT can, for example, determine if a handset is roaming or out of the country - This means that if a transaction is made outside of a customer's normal location; the bank can cross-check the person's mobile phone location with JT Locate before approving the transaction.
Preparing for PSD2 Regulations
JT's Fraud Protection Services can not only help banks keep their customers safe, but also ease the burden of adhering to PSD2 regulations. From this September, the PSD2 policy will require banks to ensure that an individual's SIM card has not been compromised before sending them a verification code. Because JT Monitor is designed to manage this exact problem, partnering with JT can greatly simplify the task of complying with the upcoming changes to the PSD2 directive.
As one of the oldest and most trusted names in the telecom industry, JT is leading the way forward by providing banking service providers with secure, dependable, and forward-looking connectivity practices. JT's Fraud Protection Services are helping banks maintain customer loyalty by making consumer privacy a priority.
Who Is JT?
Founded in the Channel Islands in 1888, JT is a 120-year-old telecom provider and trusted partner to the UK operators. JT is also the only player in the market that is capable of providing data stamped SIM swap information across all operators and MVNOs, making them one of the most trusted names in the industry.
Despite being one of the oldest names in telecom, JT is fully embracing changes within the industry to provide newer and greater services to businesses across the globe. This includes bringing dependable connectivity to the emerging IoT industry, as well as fighting back against increasingly common mobile fraud.
JT's routing information is contractually sourced from UK operators that only use white routes. This means that none of your calls or SMS will ever be sent over grey routes. JT’s experience in the sector, and global operator agreements, deliver connectivity at scale. JT has the fastest response times in the market, as well as a top tier customer service with minimal drop outs.
Interested in learning more about SIM Swap Fraud and How JT could help reducing the risk of SIM Swap Fraud? Download our white paper to gain insight.