※ Banking
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*
Increase in UK fintech fraud cases 2023*
Account Takeover fraud increase in 2023*
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
Regulatory and Compliance Challenges
Technological 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
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.
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:
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:
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.
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.
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.
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.
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.
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.
Sekura.id works with the industry’s leading Identity vendors. Be part of our exclusive partner network and add best-in-class mobile identity services to your portfolio.
Already on six continents, we’re on a mission to provide truly global mobile identity coverage, Unlock your network’s potential by working with Sekura.id.
Sekura.id works with the industry’s leading Identity vendors. Be part of our exclusive partner network and add best-in-class mobile identity services to your portfolio.
Already on six continents, we’re on a mission to provide truly global mobile identity coverage, Unlock your mobile network’s potential by working with Sekura.id.
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