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July 08, 2017

Fraud & Identity Today Week in Review: Payfone, IDology, TCPA & More

Welcome to the week in review, where we take a look at all the top stories making headlines in the mobile fraud space this week.

The week started off with the news that Payfone is working to combat SMS fraud and hijack attacks. "SMS hijack attacks are a blaring wake-up call about the dangers of sending one-time SMS passcodes," said Rodger Desai, Chief Executive Officer, Payfone. "Our Instant Authentication for Mobile solution prevents these types of hacks and moves towards the National Institute of Standards and Technology (NIST)'s recommendation to deprecate SMS one-time passcodes as a second factor of authentication." Find out more HERE.

 Next up, we looked at a new solution from IDology that’s meant to protect contact centers from fraudulent activity such as caller ID spoofing. “Contact centers have become the path of least resistance for organized criminals and fraudsters attempting account takeover,” said Shirley Inscoe, Senior Analyst at the Aite Group. “Segregating calls by utilizing real-time mobile carrier data to verify an incoming call is in session with the call center can be an effective way to mitigate fraud from spoofed calls. Doing this before the call goes to an agent makes it even more effective.” For these reasons, a solution is desperately needed to combat this type of fraud. Everything you need to know about IDology’s solution is HERE.

We also took a look at some of the less popular forms of telecom fraud this week. Purgefraud defines telecom fraud as “…the exploitation and misuse of airtime by fraudsters who have wrong intention of not paying any bills.” That includes more than just your typical IRSF or SIM box fraud. Find out about some of the lesser known types of fraud HERE.

Finally, the week rounded out with a closer look at the ongoing battle surrounded ringless voicemails. Attorneys general have been debating the issue for some time now, and everyone seems to be torn about it. What hasn’t changed, though, is the fact that this method opens the door for potential fraud. Find out what Marc S. Roth and Christine M. Reilly of Manatt, Phelps and Phillips LLP think of the situation HERE.

That’s all for this week. Come back next week to read all the latest fraud-related news.

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