SIM-based identity verification methods can help combat this by detecting recent SIM swaps, verifying SIM ownership in real time with the mobile carrier, and pairing the SIM with a specific device.
With a global increase in identity theft cases, particularly in SIM swapping cases, Israeli startup Unibeam focuses on technology within a user’s SIM card to provide comprehensive protection against cyber fraud.
SIM swapping identity theft occurs when a fraudster tricks a mobile carrier into transferring someone’s phone number to a SIM card they control. Once the switch is made, the attacker can intercept calls and texts, including two-factor authentication codes, and use them to access sensitive accounts like email, banking or cryptocurrency wallets.
SIM-based identity verification methods can help combat this by detecting recent SIM swaps, verifying SIM ownership in real time with the mobile carrier and pairing the SIM with a specific device.