Soprano Design Solves Two-Factor Authentication Fraud

Latest security announcement allows businesses to assess devices and set a threshold for sensitive messages

3
Sponsored Post
Soprano Design Solves Two-Factor Authentication Fraud
CPaaSInsights

Published: May 18, 2022

Elliot Mulley-Goodbarne

Journalist

As the financial industry joined the internet revolution, security is a key challenge that has been overcome. 

Largely, this challenge has been negated with the implementation of two-factor authentication, either via SMS or a banking application. By sending codes or links to customer’s personal numbers or devices, banks can confidently proceed to fulfill requested transactions. 

While two-factor authentication has largely given banks the security to operate, two-factor authentication does not take into consideration devices that have been compromised by malevolent actors.  

To combat this problem, Soprano Design has introduced new features that assess the devices that it sends two-factor authentication to on behalf of financial institutions, to make sure they are not compromised and fraudulent.  

“Everybody’s talking about how secure their platform is, but that is not far enough,” said Jane White, Product Marketing Manager at Soprano Design. “Nowadays, if you really want to be competitive when it comes to security, or if you want to offer people something novel in the security world, you can’t just be GDPR compliant, you need to offer a value related to security that goes further. 

“This launch is proving how Soprano Design can enable businesses to go farther based on, not just owning the security of your own systems, but checking in on the security of the systems that your systems interact with.  

“Specifically, the system that we’re talking about here would be the user’s phone. Sim swapping or number corruption is common now, and that’s an issue with somebody’s phone. Our system is interacting with that phone and, although the message that comes from us is not corrupted, security wise, the fact that that phone now is in the hands of a bad actor is a potential breach” 

Security Scores 

The Soprano solution assesses information passed on from networks, such as how often the number is in use, the trust level of the network it is running on, and the amount of calls forwarded, in order to come up with a score for each contact number. This score will in turn be used to determine whether it is safe to send a message to a device in order to prevent exposing customer’s information. 

Soprano Design customers will be able to set a threshold for specific types of messages so that the most sensitive information, such as two-factor authentication codes, can not be intercepted. Businesses can set these thresholds for different types of messages that are sent to devices.  

“There’s a sim swap weightage which is a score from zero to 100 which acts as a threshold for businesses to use. For example, networks will know whether the number was last used 24 hours ago, seven days ago, seven to 14 days ago, or over 30 days ago, whether calls are being forwarded, and use this information to know if someone is using their phone normally. 

“Using this information, businesses can set a statistical maximum for how risky you’re allowing the recipient phone to be based on those parameters. Admins can go into the platform and set parameters for highly secure devices that can receive different types of messages from different types of campaigns. 

“Banks, for example, can set a 99.9 security threshold to be receiving two factor authentication in order to control whether or not a message is sent. In turn this mean that if there is a phone that’s been flagged in the last 30 days for a couple of fraud calls that seem out of character for that device, or a SIM swap, low network security score, or any other factor that could compromise the device, important information isn’t sent to somebody who’s potentially going to steal their bank account.” 

 

 

Security and Compliance

Brands mentioned in this article.

Featured

Share This Post