Silent Authentication: With the increasing use of digital banking, cases of cyber fraud have also increased rapidly. Especially SIM swap fraud has caused huge loss to people’s bank accounts. To reduce this threat, emphasis is now being laid on new technology like Silent Authentication which can make security stronger than before.
What is SIM swap fraud?
SIM swap fraud is a method in which fraudsters take control of a person’s mobile number. After this, they get the bank OTP through the same number and withdraw money from the account. The user does not know anything until the money disappears from his account.
How will Silent Authentication work?
Silent Authentication is an advanced security system that verifies the user’s identity in the background. There is no need to enter OTP again and again, rather the system itself checks whether the device, network and SIM card are the same or not. If a user changes his SIM or tries to login from a new device, the system immediately recognizes it. In such a situation, a temporary ban may be imposed on the bank account or additional verification may be sought. Its purpose is to ensure that no unknown person can access the account.
Will this eliminate fraud completely?
Although this technology is considered quite strong, it would not be right to call it a solution to completely eliminate fraud. Cyber criminals are constantly inventing new methods, hence it is important to update the security system from time to time. Still, Silent Authentication can help in preventing frauds like SIM swap to a great extent.
What is going to change for users?
After the implementation of this system, users will have to take some extra caution. For example, if you change SIM or use a new phone, there may be a temporary interruption in banking services. But this inconvenience will be for your safety.
What should be kept in mind for safety?
Along with new technology, it is important for users to remain alert. Do not share your information on any unknown calls or links and immediately notice any unusual activity associated with the mobile number. Silent Authentication can prove to be a big change in the world of digital banking. This will not only make the user experience easier but will also take security to new heights.
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