Global communications industry partner iconectiv showing how consumers phone numbers can be stolen and used to obtain banking and other personal types of information, the company said.
Consumers receive calls and texts intended for the previous owner of their phone number, or receive spoofed calls from telemarketers and others misrepresenting themselves on their Caller ID display. Worst of all, messages that should be directed to customers of a financial institution, such as one-time passwords for authentication, are being diverted and picked up by fraudsters during “account takeovers.”
During an account takeover, fraudsters use social engineering techniques to obtain a consumer´s phone number and port it to their device at a new service provider. Hackers then gain access to bank accounts, bitcoin, payment services and more by having login passwords sent to the newly ported phone number. They then have the ability to steal financial assets and confidential information in minutes before the consumer or the institution ever finds out.
The paper contends that the optimum way to stop account takeovers is to use an identity verification system that instantly checks if a number has been recently ported, is in the process of being ported, or if the mobile device has changed for any other reason. If so, organizations can halt any transactions and carry out further, more detailed, security checks before proceeding.
iconectiv provides mobile identity verification. It works with private, government and non-governmental organizations, iconectiv continues to protect and secure telecommunication infrastructures for service providers, governments and enterprises, while providing network and operations management, numbering, registry, messaging and fraud and identity solutions to more than 1,200 organizations globally.