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We protect and defend fintech companies and customers using a single API and real-time mobile intelligence.

Comprehensive security for fintechs and an enhanced customer UX for users.

The fintech industry, marked by its rapid technological advancements and digital-first approach, confronts significant security challenges. 

Unlike traditional banking, fintech platforms often operate with leaner infrastructures and cater to a highly tech-savvy user base, making them prime targets for sophisticated cyber threats. Addressing these security concerns is critical to maintaining user trust and ensuring the integrity of financial transactions.

UK Fintech Fraud amount reported in 2023*

£ 0 Bn

Increase in UK fintech fraud cases 2023*

0 %

Account Takeover fraud increase  in 2023*

0 %

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Key challenges in the fintech sector:

Despite its rapid growth, the fintech market faces several challenges, particularly related to identity verification and fraud prevention. These challenges can undermine the trust and reliability of fintech services if not adequately addressed.

Identity Verification Issues

  • Fraudulent Activities: The rise of digital transactions has brought an increase in fraud, including identity theft, account takeovers, and synthetic identity fraud.
  • Onboarding Friction: Ensuring robust identity verification while maintaining a smooth and user-friendly onboarding process can be challenging for fintech companies.
 

Regulatory and Compliance Challenges

  • Compliance Requirements: Fintech companies must navigate complex regulatory landscapes, including anti-money laundering (AML) and know your customer (KYC) regulations, which vary by region.
  • Data Privacy: Protecting consumer data and ensuring compliance with data privacy regulations such as GDPR and CCPA is critical for maintaining trust and avoiding legal penalties.
 

Technological Challenges

  • Security Threats: As fintech companies handle sensitive financial data, they are prime targets for cyberattacks. Ensuring robust cybersecurity measures is essential.
  • Scalability: Rapid growth requires scalable infrastructure that can handle increased transaction volumes without compromising security or performance.
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How Sekura.id Addresses These Challenges

Sekura.id uses SIM-based security solutions to address these challenges effectively, offering robust protection tailored to the unique needs of the fintech 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 for fintechs:

  • Phishing and Attack Prevention: By utilising mobile network operator data, SAFr Auth prevents phishing and man-in-the-middle attacks, ensuring that authentication requests are legitimate.

  • AI-Resistant Security: Unlike traditional methods, SIM-based authentication remains resilient against AI-driven attacks, providing an additional layer of security.

  • User Convenience: SAFr Auth is activated upon SIM card insertion. That’s it. It eliminates the need for passwords or OTPs, thus simplifying the user experience without compromising security. If you have a SIM card installed, you’re set for SAFr Auth.

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 User Data: MPM cross-references user information with mobile operator records, providing precise and reliable verification.
  • Fraud Detection: Integrated with other services like SIM Swap Detection, MPM strengthens Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
  • Efficient Onboarding: Automating the verification process reduces the need for manual intervention, accelerating user onboarding and enhancing operational efficiency.

SIM Swap detection protects users by continuously monitoring for SIM card changes, alerting fintech platforms to potential fraud:

SIM Swap protection, 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:

  • Continuous Monitoring: The system tracks SIM card changes in real-time, ensuring immediate detection of suspicious activities.
  • Immediate Response: By utilising live data, the solution provides prompt alerts, allowing for quick intervention to prevent fraud.
  • Customisable Alerts: Fintech platforms can tailor risk management settings to flag or block transactions based on recent SIM changes, enhancing security measures.

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 for fintechs and their customers.

Unhackable & unspoofable

The inherent security of SIM cards makes them resistant to hacking and spoofing attempts, offering a robust layer of protection for fintech 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, fintechs 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.

sms otp replacement
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. This all makes for a truly 'humanised' experience for the user.

Fintech

Fintechs trust Sekura.id to protect millions of transactions every month.

One more thing: You're not just buying fraud prevention, you're also gaining happy, loyal customers...

Sekura.id is redefining security in the fintech 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 fintechs 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 finance technology services with ease and confidence.