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Somos is honored to receive the 2024 IoT Innovator Award from Compass Intelligence, recognizing our excellence in advancing IoT solution.
Learn more about how the Trust framework is shaping the future of telecommunication.
Innovative Strategies for Fraud Mitigation and Phone Number Validation
Ensuring the integrity of telecom is crucial for reliable business-consumer communications and trust. Explore how Somos’ advanced fraud mitigation and data integrity solutions can support your financial institution's efforts to combat fraud, safeguard customer data and fortify your communications strategies.
Uncovering the Staggering Numbers
Efforts financial institutions must undertake to restore and enhance their reputation after incidents of fraud, data breaches or other negative events that can undermine customer trust and confidence in the brand.
The process of confirming the identity of customers or users before allowing them access to services or sensitive information. This can involve multi-factor authentication, biometric verification or other methods to ensure that the individual is who they claim to be.
Phishing attacks involve fraudulent attempts to obtain sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in electronic communications. Financial institutions must be vigilant against these attacks to protect customer data.
Smishing attacks are a form of phishing conducted through SMS (text messages). Attackers send messages that appear to be from legitimate sources, enticing users to click on malicious links or provide personal information.
Social engineering involves manipulating individuals into divulging confidential or personal information that can be used for fraudulent purposes. This often includes tactics like impersonation, deception or leveraging human psychology to exploit vulnerabilities.
Financial institutions increasingly rely on IoT devices such as ATMs, connected payment terminals and biometric authentication systems to enhance customer experiences and streamline operations. However, these devices are prime targets for cybersecurity threats.
The act of disguising a communication from an unknown source as being from a known, trusted source. In the telecom context, this can involve faking caller ID information to trick individuals into believing they are receiving a call from a legitimate entity.
Vishing attacks, or voice phishing, occur when attackers use phone calls to deceive individuals into providing personal information. They may impersonate bank representatives or other trusted organizations to manipulate victims into sharing sensitive data.
Many financial institutions and bank branches are not aware of the types of connected IoT devices they have and use in their day-to-day operations. These organizations likely use devices like connected ATMs, point-of-sale systems, routers and connected printers to name a few.
SomosID empowers enterprises with a comprehensive solution for IoT security by providing total transparency into your device inventory. By detecting counterfeit or invalid devices and offering continuous visibility into known vulnerabilities, SomosID enables enterprises to prioritize and focus their security efforts effectively.
Are you interested in exploring the intelligence SomosID can provide to your financial institution? Don’t miss this quick 10-minute fireside chat with SomosID Product Manager Michael Smyth and fraud expert Jaime Zetterstrom or download this brochure to discover why securing IoT assets is critical for your financial institution!
At Somos, our suite of fraud mitigation and data integrity solutions is tailored to meet the unique needs of financial institutions, including tools that support TCPA compliance, filter fraud, help assert authority over a brand’s phone number inventory, and audit customer databases for validation and accuracy. By leveraging our expertise, financial institutions can enhance their fraud mitigation strategies, protect sensitive financial information, establish trusted calling and maintain data integrity to ensure secure and reliable connections.
