SIM-swap fraud has become a significant threat to digital banking. In 2021, this type of fraud saw a 400% increase compared to the period between 2018 and 2020, causing the FBI to issue a warning earlier this year. Banking customers reliant on SMS OTPs to access or authenticate their accounts or transactions are left especially vulnerable.
Dewald Nolte, Chief Strategy Officer at Entersekt, explores how banks can solve SIM-swap fraud while also improving the user experience of their customers’ authentication journeys. He shares the impressive results seen by an issuer that implemented a state-of-the-art solution.