PMT™ has a Solution to the Rise in Digital Banking Fraud in SA

According to the latest banking fraud statistics from the South African Banking Risk Information Centre (SABRIC), South Africa has seen an alarming rise in digital banking fraud. This has resulted in cyber criminals stealing hundreds of millions of Rands from unsuspecting users through Digital Banking Fraud in 2022.

Since 2012 Pattern Matched Technologies™ (PMT) identified that Financial and Mobile Platforms are exposed to fraudulent activities as cyber criminals utilise various social engineering methods to scam and retrieve the customer’s banking or other log-in details. Cyber criminals are able to perform SIM swaps against these customers’ details by registering the customers on platforms which include mobile banking and mobile wallets and then performing financial transactions.

It was also noted that the majority of the fraudulent transactions all occur within 24 hours of the SIM swap, in order to prevent the Mobile Networks, Financial Institutions and Legal Authorities from tracking down the perpetrators.

PMT’s Solution to Solve this Problem!

As part of PMT’s passion for Consumer Safety, PMT™ pioneered a solution through our Amber™ product called SIM Securitisation and Verification (SSV) Service with the primary purpose of detecting and preventing fraud to solve this problem.

The SIM Securitisation and Verification (SSV) Service provides Financial Institutions with the means to identify potential fraudulent SIM swaps. It is also able to ascertain whether additional verification would be required to further reduce fraud.

The SIM Securitisation and Verification Service has been utilised in the industry for more than 7-years by Major Banks, Retailers and Financial Institutions in South Africa and extended into other African territories. PMT™ has received endorsements for the service from Mobile Operators with hundreds of millions of successful SIM Securitisation and Verification (SSV) Service lookups performed, successfully preventing and detecting potential fraudulent SIM swaps.

The SIM Securitisation and Verification (SSV) Service is able to provide an additional layer of security in detecting and preventing SIM Swaps, Vishing, Phishing, Smishing and much more!

Over the years PMT’s Amber™ Solution has shown exceptional success with the platform now serving 15-20 million Consumer transactions per day!

“The SSV Service was born out of our passion for solving real-world problems and providing solutions that change people’s lives through technology.” – Managing Director, Henning Viljoen

PMT’s Service Connectivity Platform will offer further means to prevent Fraud 

PMT™ has gone a step further to start developing Device Lockdown on our Obsidian™ Service Connectivity Platform. The Obsidian™ Gateway is built for real-time integration and security. The Device Lockdown component will intergrade and leverage specific protection features of the device and leverage the well-integrated SIM Securitisation and Verification (SSV) Service to further protect any service enabled through the Gateway and all Data exchanged during the session.

Device Lockdown will provide our clients that use the Obsidian™ service on their mobile app to be able to incorporate this feature allowing their customers to be able select and register a device they would like to lock to a service. This will in essence create a securitised link between the device and the service. This means no one will be able to access this service without the linked device or the service would need to be approved for the device linked. Adding Device Lockdown does not compromise on the user experience as it is seamlessly integrated into any service that is managed through Obsidian™.

Device Lockdown will also integrate into SIM Securitisation and Verification (SSV) Service, this will be able to bring an added level of security and enhance security in Mobile Banking and other Financial Institutions. Expanding this into Data URLs where you can lock a service to a device and SIM card, to also verify that the SIM card in your device has not been compromised when access securitised Data services, for example, Banking Apps. With this in place, one can securitise data services with locking a device and protecting a user from common SIM fraud where your device may be linked to.

The Device Lockdown feature will be available to our clients on the Obsidian™ Service Connectivity Platform in the coming months.

With PMT’s approach to solving and finding solutions to these problems through technology, we are able to offer our clients the means to protect their customers from Digital Banking fraud.

Link to article on MyBroadband