Peter Taylor
Published on: May 26, 2021
95% of households in the United Kingdom own a mobile phone, with 68% of individuals utilising mobile banking and mobile devices responsible for 50% of all online retailing. According to the Business Insider, security features are the No.1 priority for consumers.
Fraudsters are intelligent, organised, and skilled, utilising methods previously discussed to appear like genuine consumers. So, how do you stay safe? A good starting point is to consider the viewpoint of an individual mobile phone owner – whether that is yourself, your customers, your employees and so on. Each phone, and its associated account, needs to be regularly verified, and protected.
Another point to consider is the false assumption that smartphones are impenetrable to malware. Whilst they do not spread viruses in the traditional sense, they still carry the risk of other malware. In September 2019 there were 335 million installations of 172 Android Apps that contained some form of malware or malicious code, via Google Play. In addition, around 50% of mobile phones have no protection – bespoke systems are out there, and for good practice, should be utilised.
There is a silver lining to the potential threats posed by mobile phones and their increasing use, in both our personal and professional lives. Improving data sources ensure that devices can be checked, to ensue that it is in legitimate hands, and has not been compromised. Strangely, many organisations do not utilize software specifically designed to verify a phone number is genuine, belongs to the expected individual and has the expected SIM and device ID, despite robust solutions being readily available. This is particularly true of SME’s – these checks do not just assist with fraud prevention, but also with curating a positive customer experience and a reputation for security. Remember: Security was voted No.1 priority for consumers by Business Insider.
Good fraud prevention strategies are not only essential, but also cost-effective – with 2021 set to be another record-breaking year for fraud, organised cybercriminals will be searching for weak links – do not let your company make their list! Contact TMT for further information today.
Peter Taylor is an accomplished and distinguished fraud expert and investigator. He begun his career with Greater Manchester Police, before obtaining the position of Head of Fraud for Major Loss Adjusters. Since founding a consultancy firm, Peter has expanded his areas of expertise and is a cross-industry specialist in and cybercrime and counter-fraud measures.
As Phronesis continues to expand, now offering our Mobile Identity and Fraud Prevention services directly to enterprise, we wanted to commission research into cybercrime, and the many facets within, to both add to our understanding, and to share with our growing network of partners, clients, followers, and of course to those who generally operate in the sector.
Edits and afterword by Toni Pickering
Last updated on September 18, 2024
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"TeleShield from TMT gives 42com the power to detect and target telephony fraud scams internationally, thereby protecting our company from the financial and customer experience impacts of telecommunications fraud."
"It has been a pleasure to work with the team at TMT. They have become an essential provider of accurate numbering data information and Number Portability services globally."
"Deutsche Telekom Global Carrier uses TMT ID as one of their key suppliers for Mobile Number Portability Data services. Deutsche Telekom Global Carrier uses TMT ID’s Velocity MNP solution. This is an ultra-fast query service that optimises the routing of international voice calls and A2P messaging."
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