By Stuart Neal, General Manager for Identity at Boku Inc.
Mobile banking has become a smartphone practice as common as dialing a number. According to Insider Intelligence’s Mobile Banking Competitive Edge study, 89 percent of US survey respondents said they use mobile banking — a number that rises to 97 percent for millennials.
Finance and banking apps offer a convenience that drives their popularity. But convenience comes with a catch: the risk of fraud — specifically, fraud conducted through what’s known as ‘SIM swapping’
In a nutshell, SIM swap fraud — sometimes referred to as ‘SIM splitting’ or ‘SIM jacking’ — is a scam that involves a fraudster gaining control of another person’s phone by porting or replacing their SIM without detection. This new SIM then gives the scammer control over the victim’s number and full access to accounts associated with that number.
It’s a crime on the increase:…