How Your Phone Can Protect You Against Cyber-Fraud

October is Cybersecurity Awareness Month, and with the recent string of data breaches, protecting assets in an increasingly digital world is at the top of many consumers' minds. While you’ve probably heard about the importance of enabling two-factor authentication (2FA) on your accounts (you might even be familiar with some common modes of 2FA like those SMS codes your bank texts you, or 2FA apps that you need to download), did you know that there is an even easier and safer authentication method that works through your mobile phone? Called mobile identity authentication, this technology allows your phone to act as an ultra-secure way to protect yourself against cyber-fraud without having to type in a password, download an app, or fumble with annoying text passcodes. Intrigued? We were too, which is why we caught up with Rodger Desai, cybersecurity expert & CEO of mobile identity authentication company Payfone, to learn more about how mobile identity authentication works and why so many enterprises, like the top US banks and healthcare organizations, are abandoning traditional authentication methods in favor of this more secure next-generation tech.

LTP: What exactly is mobile identity authentication and how does it work? How is it different from more traditional methods of authentication like knowledge-based answers and one-time passcodes?

RD: Mobile identity authentication leverages the encryption technology that mobile networks already use every time you make a call or send a text to provide an ultra-secure and reliable way to determine whether the person trying to log into your bank, healthcare or any other type of account is really you. When we first started Payfone, we ...

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