First-Of-Its-Kind SIM Swap Fraud-Thwarting Patent Awarded to Payfone

Payfone, a leading digital identity authentication company announced today that it has been awarded a first-of-its-kind patent for technology that detects and prevents SIM swap fraud, a social engineering scam that has been responsible for defrauding consumers and businesses out of millions of dollars. Criminals use this technique to bypass security measures like single-use PIN codes. In an effort to raise awareness about SIM swap fraud and to understand how financial services companies can help prevent it, we spoke to Payfone to learn more about how the scam works and how their newly patented solution detects and prevents it by leveraging its unique partnerships with the US's largest mobile network operators.

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