SIM swap attacks continue to make headlines, with Twitter CEO Jack Dorsey becoming one of the most famous victims to date when his mobile phone number was taken over last month. Similar scams are rapidly increasing in frequency, impacting high-profile CEOs, Hollywood celebrities, cryptocurrency communities, and everyday people, as criminals take advantage of security loopholes and the vulnerabilities of 2FA (two-factor authentication) to hijack social media accounts or steal money and cryptocurrency by taking over victims’ mobile phone numbers.

This week, we announced that we are taking a stand and extending our SIM swap detection algorithms to even more consumers to protect them from a fast-growing fraud scheme that easily breaks 2FA, costing them millions in lost dollars and personal data.

Did you KNOW…

In addition to battling fraud and delivering better user experiences, there is one area that is becoming mission-critical to every organization: privacy.

• Results of an online survey conducted by IBM revealed that for 78% of US respondents, a company’s ability to keep their data private is extremely important: only 20% percent completely trust organizations they interact with to maintain the privacy of their data. Furthermore, 60% are more concerned about cybersecurity than a potential war.
• Improper use or inadequate protection of consumers’ personally identifiable information (PII) is not only extremely damaging to the reputation of any business but can result in significant financial losses. The 2018 Cost of Data Breach Study published by IBM found that the average total cost of a data breach rose by 6.4% since 2017 to $3.86 million. The latest reported average cost is $148 per lost or stolen record. 
• One of the most effective ways to eliminate the risk of re-identifying personal data in the event of a breach is to employ modern identity authentication solutions that use anonymous tokens and zero-knowledge architecture (a privacy protocol where only yes or no responses are passed as opposed to personal information.) 
• The consumer benefit of zero-knowledge is that it minimizes the need to pass personal information in order to verify identity for security purposes. That means a more secure and convenient digital customer experience which is also more private, and meets the requirements of privacy based on consumer choice and controls in addition to thwarting fraud, ease-of-use, and compliance regulations. For Payfone, ‘Privacy above all else’ and is a core value and differentiator that is included in our Bill of Trust.

Are your customer identities adequately protected using tokenization and zero-knowledge protocols? To learn more, contact us to speak with an identity tokenization expert today.

Also on the topic of privacy, we recently hosted a Cybersecurity After Hours event at the IAPP Global Privacy Summit in Washington, DC. See a recap of the event here.

Interested in receiving Did You Know? emails in your inbox? Sign up here.

Thanks to all who attended our Cybersecurity After Hours Drinks at the IAPP Global Privacy Summit in Washington, DC! The event was held at Supra, a “rustic-mod” DC hotspot lauded for its Georgian cuisine and wines, and was well-attended by privacy and cybersecurity professionals from the finance, healthcare, retail, and technology sectors.

Guests learned about Payfone’s unique ability to verify identity in a completely private manner through our Zero-Knowledge architecture and network of authoritative identity verifiers. As one attendee remarked, Payfone’s capabilities sit right at the intersection of privacy and cybersecurity, enabling enterprises to protect themselves and their users against attacks without needing to pass personally identifiable information.

The specialty cocktail of the evening was our “Payfone Privacy Punch”, a refreshing elixir featuring Chacha Georgian vodka, fresh-squeezed lemon juice, pomegranate juice, tarragon “Lemonade” & orange zest. Much-needed after a long day of seminars!

Guests noshed on Supra’s signature khachapuri breads and “Makho” spreads, garlicky grilled chicken with ajika and tkemali, eggplant stuffed with walnuts and cilantro, Elarji corn meal and sulguni cheese croquettes with almond sauce, stuffed cremini mushrooms, and traditional Imeruli cheese bread.

We hope that everyone enjoyed the evening’s festivities and lively conversation around the future of privacy and cybersecurity. Thank you to IAPP for helping us to bring this event to fruition!

Want to know when Payfone events are coming to your area? Subscribe to our Did You Know? updates here to receive invites!