US Mobile Adopts Digital Identity Protocols To Protect Against SIM Swap Fraud
Digital identity solutions have become increasingly widespread in recent years as alternatives or supplements to old-fashioned authentication methods like passwords.
Multifactor authentication (MFA) and biometric scans are quickly becoming the norm in numerous fields, including online accounts for banks and other businesses.
The telecommunications industry is but one of many sectors looking to more securely verify customers and avoid fraud, which remains a growing problem. A study in the United Kingdom found that SIM swap fraud alone, which involves fraudsters stealing victims’ phone numbers to request access to their linked accounts, has totaled 10 million pounds ($12.9 million) since 2015, with 483 incidents being reported in June alone.