Mobile phone security company Phonovation has introduced new cyber-security technology which the firm says will protect mobile users from SIM-card hacking and other cybercrime targeted at mobile device users.
The technology is called STOP, which stands for SIM Take Over Protection, and it is aimed at preventing such frauds as when scammers fool phone store staff into issuing a new SIM linked to your number, which they can use to access bank accounts and empty them.
Chief executive Gavin Carpenter (pictured) explained: “Replacing an existing SIM card for reasons like changing phones, or perhaps move to another phone network but keeping an existing number, are fine if done securely. However, recently there has been a spate of cybercrime connected with SIM swap fraud which has seen several incidents reported in Ireland and the UK.
“Criminals can take a SIM and impersonate the owner of the mobile phone number by activating the SIM, passing security procedures and putting in personal details they may have gotten access to.”
The company’s STOP technology is now offered by at least one big bank, making bank accounts more secure and hacking more difficult. “Four out of five banks here are leaving their customers’ accounts at risk of a fraud known as a ‘SIM swap’," Carpenter added. "There are professional fraudsters gaining access to accounts via sophisticated phishing tech schemes. The victim may receive a text telling the phone user to call their bank, give personal information including pins.
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“There are fake websites impersonating bank websites and they will then ask users to enter their details to gain access to their accounts. Last year, one person lost a quarter of a million pounds this way. The frightening thing is that the account holder may be liable for this loss themselves as it’s not the banks responsibility to cover the pilferage.”
Phonovation Services
Phonovation started out offering clients a range of mobile-related business services such as bulk SMS distribution services, automated calls and custom-built communications software offerings for unique business uses. Currently, the company sends out over 200 million SMS per annum on behalf of its clients, which include Vodafone and RTE.
On the back of €2.5m in sales in the first quarter, the company said it has hired four new staff to bring its total to 20, and plans to hire four more people.
• Phonovation has organised an event to discuss the future of mobile communications in the light of the new General Data Protection Regulation for October 20 at the Odeon Cinema, Point Village, Dublin. Information will be provided on how companies can request, store and use customer contact information in order to achieve compliance with GDPR. Click here to register attendance.
