In an exclusive interview with David Vigar, Executive Vice President of Route Mobile, we delve into the rising menace of SIM swapping fraud and its impact on individuals and businesses in India. As cybercrimes like SIM swapping become increasingly sophisticated, Route Mobile’s TruSense emerges as a powerful ally in the fight against digital identity fraud. With innovative solutions and a proactive approach, TruSense ensures secure authentication, identity verification, and fraud detection, safeguarding both enterprises and end-users from the ever-evolving threats lurking in the digital landscape.

TimesTech: What is SIM swapping fraud, and how has it become a concerning issue in recent Indian incidents?

Mr. David: SIM swapping fraud is a type of cyber fraud where scammers divert people’s calls and texts over their smartphones using SIM swapping. To initiate a SIM swap, fraudsters first buy a new SIM and then contact the phone’s carrier operator to activate it with the same number of other people on the pretext of losing the older SIM card. Once the activation is complete, the scammers get control over the targeted person’s phone number. From that moment, all the calls and texts will be forwarded to the scammer’s smartphone, which they later use to clean bank accounts.

This has become a prevalent type of cyber fraud in India, with cybercriminals using various methods such as phishing, vishing, and smishing to obtain potential victims’ personal information.

TimesTech: Could you explain how Route Mobile’s TruSense counters digital identity fraud and benefits both enterprises and end-users?

Mr. David: TruSense is a wholly-owned subsidiary of Route Mobile that offers a suite of digital identity and security solutions. It ensures secure authentication, reliable identity verification, and intelligent fraud detection with a frictionless user experience. We introduced three products under TruSense. TruScore identifies and mitigates risks associated with phone numbers, allowing for better decision making and mitigation plans. Mobile Number Verify (MNV) authenticates your users with ease, without any interruption or annoyance and reduces the cost and removes the complexity of OTPs. P2A-based Authentication is India’s first and only Enterprise-grade Free to End User Short code service for secure and seamless user/device-initiated authentication. It enhances the security of your interactions while ensuring user convenience.

With these solutions, we are ensuring that organizations only onboard trusted and authentic users and eliminate digital fraud.

TimesTech: With your vast experience, what key factors contribute to the rise of cybercrimes like SIM swapping, and how does Route Mobile address these challenges?

Mr. David: The number of mobile phone users has shot up significantly in the last decade. People have become very comfortable with the entire concept of mobile phone numbers, and generating trust has been really easy for enterprises. However, there has been a significant rise in SIM swap fraud cases in the past few years. SIM swapping has been on the rise due to several key factors. Trusting the person on the other side of the mobile phone is misused by fraudsters and their evolving tactics has been one of the main contributors to SIM swap frauds. Other vulnerabilities include non-secure existing authentication methods and heavy reliance on mobile phone devices. These factors, combined with the anonymity the digital world provides, create a conducive environment for such crimes.

With phone-number based authentication, we eliminate digital fraud by only enabling genuine users to access the enterprise ecosystem. Our solutions enable enterprises to mitigate risks via risk scores based on IP reputation and stop fraud even before they can enter the system. We proactively identify and address these vulnerabilities and contribute to a safer digital landscape.

TimesTech: Can you share examples of the impact of SIM swapping on individuals and elaborate on potential long-term consequences?

Mr. David: A cybercrime gang in Ahmedabad took a mere four hours to steal Rs 1.19 Crore from a ball-bearing company using the sim-swapping method! They created a fake email address within the Mobile Operator’s domain and sent a request to the Mobile Operator’s corporate office requesting that the company directors order a replacement sim card. As the request was seemingly in order, a replacement sim card was issued, and the director’s phone number was migrated to the new SIM.

SIM swapping is a grave issue with significant implications for individuals. First, there’s the immediate financial loss, where criminals access bank accounts or digital wallets, often leading to unrecoverable theft. Then there’s the distressing element of identity theft, with attackers infiltrating personal information and online accounts, causing reputation damage. This, in turn, can lead to emotional distress.

But the consequences don’t stop there. The long-term effects include lasting reputation damage, loss of trust in digital platforms, and heightened security concerns. Victims may face financial repercussions for years, possibly requiring legal battles to recover.

In essence, SIM swapping isn’t just a short-term inconvenience; it can leave a lasting impact on individuals’ financial stability, emotional well-being, and trust in the digital realm.

TimesTech: How does Route Mobile’s TruSense stay ahead of evolving cyber threats, and how do you adapt to new methods of attack?

Mr. David: To stay ahead of evolving cyber threats, TruSense employs a proactive approach. We continually enhance our systems and algorithms to adapt to new attack methods. This includes constant monitoring of digital interaction patterns, leveraging AI and ML for real-time threat assessment, and collaborating with cybersecurity experts and industry peers to share insights and best practices.

Our focus is to prevent fraudsters from entering the digital ecosystem of the enterprise. That is why we enable enterprises to identify and authenticate only genuine users into their platforms and stop any fraudulent activity at its doorstep.

TimesTech: Based on your expertise, what are practical measures individuals and businesses can take to protect themselves from SIM swapping and cyber threats?

Mr. David: Practical measures to guard against SIM swapping and cyber threats involve a multi-layered approach. For individuals, these steps include enabling two-factor authentication (2FA) with trusted apps, securing personal information, and regularly monitoring financial and online accounts for any unusual activity. For businesses, it’s crucial to implement robust identity verification and authentication mechanisms, train employees on cybersecurity best practices, and keep systems and software updated. Additionally, collaborating with trusted partners like TruSense can add an extra layer of protection, as our solutions specialize in detecting and mitigating cyber threats effectively.

Publication: Timestech : Route Mobile’s TruSense Takes on SIM Swapping and Cyber Threats Head-On