XConnect’s Lee Suker wrote an article published by the Mobile Ecosystems Forum (MEF). Suker explains the vulnerabilities of SMS ‘One Time Passwords’ (OTP). OTP enable a wide variety of use cases from signing up to new Internet services to confirming financial transactions. The battle for security is a constant one, and must be fought effectively. Operators and the mobile ecosystem are responding to the threat by making investments in solutions and collaborating on best practices.
An international payment processing company was looking for a way to enhance its approach to verifying large transactions to mitigate fraud and accurately identify individuals.