Irish Phone Tech Company Phonovation Rolls Out New Fintech Security Software In Bid To Combat Cyber Crime
Irish tech success story Phonovation has acquired new state-of-the-art cyber technology known as ‘STOP’ putting them at the coalface of Irish innovative technology companies. STOP stands for SIM Take Over Protection which has modernised common tech security practices such as using banking fobs and pins which are now seen as outdated and unsecure. STOP software is identity proving via the use of mobile networks and forms part of Phonovation’s PhonoSecure suite of cyber security products.
STOP essentially protects the phone user from potential SIM hacking and offers an innovative and secure solution to cybercrime which is on the rise in Ireland. Fraudsters can convince phone store staff members that they are you. They are then issued a new SIM with your mobile number and straight away your profile and security details are compromised. This means that the thief can now access your internet banking, set themselves up as a payee and empty your bank account.
Sometimes phone users are faced with circumstances of having to legitimately remove or replace their existing SIM card for reasons like changing phones to a smaller or bigger handset which requires a different SIM size, or perhaps move to another phone network but keep their existing number. This is fine if done securely, but recently there has been a spate of cybercrime connected with SIM swap fraud which has seen several incidents reported in Ireland and the UK. Criminals can take a SIM and impersonate the owner of the mobile phone number by activating the SIM, passing security procedures and putting in personal details they may have gotten access to. Perhaps the victim was targeted and his or her details would be known to fraudsters at this stage leaving them open to fraud.
Phonovation now counts one of the largest banks in Ireland as one of its clients who offer their account holders stronger security and STOP technology. This means their bank accounts are more secure than others and hacking is more difficult. Phonovation believes that STOP technology is something that should be used by all banks as standard and any company that deals with financial transactions.
Gavin Carpenter, CEO of Phonovation says,
“Four out of five banks here are leaving their customers’ accounts at risk of a fraud known as a ‘SIM swap’. There are professional fraudsters gaining access to accounts via sophisticated phishing tech schemes. The victim may receive a text telling the phone user to call their bank, give personal information including pins. There are fake websites impersonating bank websites and they will then ask users to enter their details to gain access to their accounts. There have been several cases of Cybercrime in Ireland and in the UK last year there a reported incident whereby one person lost a quarter of a million pounds this way. The frightening thing is that the account holder may be liable for this loss themselves as it’s not the banks responsibility to cover the pilferage.”
Phonovation started out offering clients a range of mobile related business services such as bulk SMS distribution services, automated calls and custom-built communications software offerings for unique business uses. Currently the company sends out over 200 million SMS per annum on behalf of its clients which include Vodafone and RTE.
Phonovation, now in its 30th year and headed by Paddy Woods and Gavin Carpenter, has announced expansion plans given its successful first quarter figures for 2017 where it had over €2.5 million in sales. The company has recently hired 4 new staff members with plans to expand with 4 more new hires in the pipeline. Phonovation was founded in 1988 and currently has offices in both Dublin and London. It began by offering premium horse racing commentary and results phone lines. It now provides interactive SMS and voice services and many other telecoms services over many regions and employs 20 people full time. Phonovation has worked with companies both big and small, and their approach is ‘one size does not fit all’ when it comes to business telecoms solutions. For more information on STOP see https://www.phonovation.com/phono-secure
Irish Phone Tech Company Phonovation Rolls Out New Fintech Security Software In Bid To Combat Cyber… was originally published in Ireland’s Technology Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.