Over ?820 million was lost as a result of unauthorized financial fraud last year
UK mobile network to fight SIM swap fraud with new solution. Source:?shutterstock.com
EE, the UK-based network operator has introduced the Digital Identity platform in order to protect its users from fraud.
The platform provides real-time customer’s identity checks, thus preventing from ID theft and suspicious activities.
The company revealed it regularly faces a SIM swap fraud.?This way, EE’s Digital Identity SIM Swap checker allows businesses to find out when was the last time customers changed their SIM card since a recent change could mean a possible scam.
Besides, the company shares this information with banking partners to stop financial transactions from carrying out until further ID checks.
In addition, the platform offers a KYC (‘Know Your Customer’) solution that helps to avoid fraudulent online account sign-ups. As a result, companies can cross-check new customer information with data stored in EE to see if someone’s phone has been reported lost or stolen.
We’ve reported that the number of impersonating scams increased by 33% since May 2020.
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