Mobile Payments
Whilst mobile payments and mobile wallets come in a number of flavours, the common fraud denominator in a mobile phone-centric model is Pseudo Device Theft; the ability of a fraudster to assume control of the mobile, and the data transmitted, through techniques such as SIM Swap, CFU, CLI Spoofing and phone resident trojans such as SpyEye and Zitmo. Due to the nature of many of the processing models, e.g. sending and receiving sensitive information via SMS, the scope for SMS based Phishing attacks is also greatly increased, given the operating model lends credibility to fraudulent requests for information.
The ValidSoft platform, whilst providing invisible protection for Pseudo Device Theft such as SIM Swap and CFU, can also provide an overarching authentication mechanism through its automated voice based authentication. By using real-time automated voice authentication, initiated from the centralised payment platform only at the point of commitment, ValidSoft renders mobile resident Trojans that target SMS messages ineffective, as well as combating inbound CLI spoofing. To provide even greater levels of security, the solution can also apply its proprietary biometric voice verification, ensuring a usable, secure solution on any type of mobile phone, anywhere in the world.