※ Banking
We protect and defend bank customers using a single API and the power of real-time mobile intelligence.
The banking sector is under constant threat from sophisticated fraud schemes and evolving cybersecurity challenges.
As financial institutions strive to provide seamless services while safeguarding their clients’ assets and data, the need for advanced, reliable, and user-friendly authentication and verification solutions becomes paramount. Sekura.id offers cutting-edge tools that leverage the power of the SIM card to address these critical needs, ensuring robust security and a superior customer experience.
Amount lost to fraud in the UK 2023*
# of confirmed UK fraud cases in 2023*
Unauthorised UK fraud total in 2023*
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Just some of the pain points in banking security:
Banks face numerous security challenges, including:
- Identity Theft: Fraudsters often exploit weak points in identity verification processes to impersonate customers and gain unauthorized access to accounts.
- SIM Swap Fraud: This involves fraudsters hijacking a customer’s mobile number by tricking the mobile network operator into transferring the number to a new SIM card, enabling them to intercept OTPs and bypass two-factor authentication.
- Phishing and Man-in-the-Middle Attacks: These attacks involve tricking users into revealing their credentials or intercepting communications to steal sensitive information.
- Generative AI Threats: The rise of AI-driven attacks has created new vulnerabilities, particularly affecting traditional authentication methods like biometrics.
How Sekura.id Addresses These Challenges
Sekura.id’s suite of products offers comprehensive solutions tailored to meet the specific needs of the banking industry using the superpower of the SIM card.
The SIM card, a ubiquitous and secure element in mobile communication, serves as the cornerstone of Sekura.id’s solutions. Unlike traditional methods, SIM-based authentication and verification provide unparalleled security and convenience.
Unhackable and Unspoofable: The inherent security of SIM cards makes them resistant to hacking and spoofing attempts, offering a robust layer of protection for banking transactions
Authentication with SAFr Auth
SAFr Auth is Sekura.id’s flagship mobile-based authentication solution that uses secure cryptographic technology embedded in SIM cards. This approach provides several key benefits:
- Phishing and Man-in-the-Middle Attack Prevention: By utilising data directly from mobile network operators, SAFr Auth can detect and mitigate these attack vectors effectively.
- Generative AI-Proof: Unlike biometrics, which can be compromised by advanced AI technologies, SIM-based authentication remains immune to such threats.
- Seamless User Experience: SAFr Auth works immediately upon SIM card insertion, with no need for device binding, passwords, or SMS OTPs. This ensures a hassle-free and secure login process for users.
Verification with Mobile-to-Person Match (MPM)
Mobile-to-Person Match (MPM) enhances the verification process by matching user details in real-time using data from their SIM card. This service provides:
- Accurate Verification: MPM retrieves essential user data such as name, address, and date of birth, ensuring that the information provided by the customer matches the records held by the mobile operator.
- Comprehensive Fraud Detection: By combining MPM with other Sekura.id services like SIM Swap detection, banks can perform thorough KYC (Know Your Customer) and AML (Anti-Money Laundering) checks in a single, swift API call.
- Improved Customer Onboarding: MPM reduces friction during the onboarding process by automating acceptance and reducing the need for manual reviews, enhancing both the speed and accuracy of customer verification.
Fraud prevention with real-time SIM Swap detection.
SIM Swap protection, and one that works in real time before fraudsters attempt identity theft, is crucial for preventing unauthorised transactions initiated through hijacked mobile numbers. Sekura.id’s solution offers:
Real-Time Monitoring: Continuous tracking of SIM card changes ensures immediate alerts and responses to any unauthorised swaps, significantly reducing the risk of fraud
Instant Detection: Leveraging live data from mobile operators, Sekura.id’s SIM Swap service provides real-time updates, enabling banks to flag or block suspicious transactions immediately
- A range of options based on your risk decision flow – set your flags to reject or flag a transaction based on the last time and date stamp of a SIM change.
The Superpower of the SIM card
The SIM card, a ubiquitous and secure element in mobile communication, serves as the cornerstone of Sekura.id’s solutions. Unlike traditional methods, SIM-based authentication and verification provide unparalleled security and convenience:
Unhackable & unspoofable
The inherent security of SIM cards makes them resistant to hacking and spoofing attempts, offering a robust layer of protection for banking transactions.
Many regulations and standards around mobile identity and authentication (e.g., eIDAS in the EU) recognise and recommend the use of SIM cards due to their robust security features.
Broad Coverage & Convenience
With Sekura.id’s services covering over 2.5 billion people globally, banks can ensure secure and reliable identity verification and authentication across diverse geographies.
What about eSIMs? With the advent of embedded SIMs (eSIMs), mobile identities can be provisioned and managed remotely, providing additional flexibility and security.
Cryptographic Capabilities
SIM cards come with built-in cryptographic capabilities, allowing them to perform encryption and decryption operations securely within the hardware.
They facilitate secure key management, ensuring that cryptographic keys are generated, stored, and used in a secure manner.
Isolation from Device OS
The security functions of the SIM card are isolated from the device’s operating system, reducing the risk of software-based attacks.Since the SIM operates independently of the device's OS, the attack surface for malicious software is significantly reduced.
Banking
Tier-1 banks trust Sekura.id to protect millions of transactions every month.
Last thing: You're not just buying fraud prevention, you're also gaining happy, loyal customers...
Sekura.id is redefining security in the banking industry through its innovative use of SIM-based technology. By addressing critical pain points such as identity theft, SIM swap fraud, and advanced phishing attacks, Sekura.id provides banks with powerful tools for authentication, verification, and fraud prevention.
These solutions not only enhance security but also streamline the user experience, ensuring that customers can access their banking services with ease and confidence.
