SIM-swap banking fraud: when multi-factor authentication isn’t enough

Frans Labuschagne is country manager for United Kingdom and Ireland at mobile app security and authentication provider Entersekt. With over 15 years’ experience developing and managing technology businesses in Europe, the Middle East, Africa and Asia-Pacific, he has broad knowledge of the payments and financial services industries and has participated in many initiatives across other industry verticals: www.entersekt.com

Action Fraud has warned the British public that criminals are making lucrative raids on online banking accounts via victims’ mobile phones. Frans Labuschagne explains how SIM-swap fraud works and what financial services providers ought to do about it.