Mobile phone users are falling foul of SIM swap scams as telcos go lax on their compliance procedures. How can telcos ensure their customers are protected and they remain conformant?
Despite a raft of legislation binding telcos to protecting their customers from fraud, a great many customers are being swindled by bad actors. Almost a quarter of US citizens have reported losing money to phone scammers in 2021, a situation greatly exacerbated by COVID.
One such case which is on the rise is SIM swap fraud, a disturbingly easy-to-pull-off scam which allows hackers to exploit a loophole in some number portability processes to effectively duplicate a target’s phone number.
Cerillion plc (LON:CER) is a leading provider of billing, charging and customer management systems with more than 20 years’ experience delivering its solutions across a broad range of industries including the telecommunications, finance, utilities and transportation sectors.