SHANGHAI, June 28, 2017 /PRNewswire/ -- Payfone, the leader in mobile identity authentication for digital channels, kicked off Day 2 of Mobile World Congress Shanghai by demonstrating how its Instant Authentication for Mobile solution thwarts SMS Hijack and SMS-forwarding attacks. The company's proprietary technology prevents these types of attacks by replacing easy-to-intercept OTPs for an enhanced user experience that is safer, frictionless and up to 10x faster.
The tradeoff between security and convenience is one that companies have always struggled with—how can experiences be made more secure without also making things more cumbersome for users? Payfone Instant Authentication for Mobile is security that actually increases convenience.
Click here to view a side-by-side comparison of Payfone's Instant Authentication for Mobile experience vs. a typical one-time passcode experience.
"SMS hijack attacks are a blaring wake-up call about the dangers of sending one-time SMS passcodes," said Rodger Desai, Chief Executive Officer, Payfone. "Our Instant Authentication for Mobile solution prevents these types of hacks and moves towards the National Institute of Standards and Technology (NIST)'s recommendation to deprecate SMS one-time passcodes as a second factor of authentication."
In addition to eliminating the risk of SMS Hijack attacks, Payfone's Instant Authentication for Mobile solution allows users to avoid the clumsy back-and-forth process of using one-time passcodes. Payfone Instant Authentication for Mobile is the culmination of expertise gained from strategic relationships working directly with the United States' top 4 mobile network operators and the fraud departments at the top banks in the U.S. The technology is already being utilized by some of the most forward-thinking companies in the United States.
In early June, Payfone was announced as the authentication provider for Zelle, the new mobile P2P payments platform formed the top 30+ banks in the United States. Zelle is protected by Payfone Instant Authentication for Mobile.
Payfone is the leader in mobile and digital identity authentication for the connected world. We are trusted by the world's largest banks, insurers, brokerages and technology companies to enable effortless customer experiences by instantly authenticating new user account openings, mobile and web logins, text and chat sessions, and inbound and outbound call center calls. It's all done through our patented platform, which dynamically analyzes millions of digital signals against multiple authentication factors to generate proprietary Trust Scores for mobile identities—the only measure of mobile and digital trust of its kind on the market today. Learn more at www.payfone.com.