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How AppBind SIM Binding solution protect SIM Swap Frauds?
By the end of 2023, each day, every city in India is reporting SIM swap fraud cases. SIM swap frauds are increasing due to rising reliance on mobile phone-based authentication methods. A new scam where a fraudster that exploits a mobile service provider’s capability (SIM Swap, SIM Port requests) steals bank data from the mobile phone and wipes out the earnings from the bank account.
What is SIM Swap Fraud?
SIM swapping is known as SIM hijacking or SIM jacking; it is a technique used by fraudsters to gain illegal access to mobile phone numbers with the aim of financial fraud.
How does SIM swap fraud work?
Advanced SIM Binding Solution “AppBind”: Mitigates SIM Swap Fraud
AppBind by Protectt.ai is an advanced SIM binding platform to orchestrate multiple touch points (Mobile App, API, SMS Gateways) to build Unique Digital Identity of Android & iOS Mobile App users. It creates a unique digital identity for every mobile app user and validates it at every launch.
AppBind loops between all PSPs (Payment Service Provider), SMS Gateways & Mobile Devices, combining with Protectt.ai’s proprietary 3-way hairpin methodology. It combines the user's mobile number, mobile device, and the SIM card to avoid any discrepancy in the user validation. Fraudster will not gain success in SIM swap that further results in better and secure user experience.
Zero Trust Architecture for Enhanced Security
AppBind's Zero Trust principles, binds SIM and Device to create a comprehensive security strategy that addresses identity and device trust in a dynamic and adaptive manner. Zero Trust relies on continuous monitoring of user and device behavior. This approach prevents against a wide range of banking and financial threats, including SIM swap frauds and unauthorized data access attempts. AppBind uses device identity for fraud prevention and authenticate users at every banking & financial mobile app launch.
How AppBind builds Secure Digital Identity?
At the time of Mobile app registration, AppBind uses unique, complex algorithm to bind mobile Device ID, SIM Number and Phone Number to create unique digital identity for every mobile app user. It acts as extra layer of Mobile App Security to prevent unauthorized access to user data.
New age SIM & Device Binding solution AppBind by Protectt.ai is a perfect solution to mitigate the rising SIM-based frauds for all banking and financial apps. Add an extra layer of security to your UPI apps and prevent further financial loss due to identity & data thefts. AppBind fully compliant to National Payments Corporation of India’s (NPCI’s) latest master circular for Device and SIM Binding .
To know more and have a detailed demo, please get in touch with us on sales@protectt.ai
Protectt.ai is ‘A Leader in Mobile App Security in India.’ Built India’s first SaaS-based, Innovative Mobile App Security platform with Runtime Application Self Protection capabilities. Protectt.ai is delivering the next generation Mobile App, Device & Transaction Security Platform with 50+ Mobile App Security features driven by Deep Tech.
For more information, please visit: https://protectt.ai/
Official LinkedIn account:https://www.linkedin.com/company/protectt-ai-labs-pvt-ltd/
