How Can We Safeguard the Booming Global Mobile Money Market From Fraudsters?

What:

More consumers than ever before are turning to their mobile devices to conduct banking transactions via SMS and Rich Communications Services (RCS). In fact, the Global Mobile Money Market size was valued at USD 4.24 Billion in 2020 and is projected to reach USD 31.88 Billion by 2028, growing at a CAGR of 28.67% from 2021 to 2028. But, while the opportunity for the booming mobile money market is great, it does not come without challenge – specifically around the mobile wallet itself, which is associated with a user’s mobile number and service provider.

During the CFCA Summer Education Event session, “Protecting the Mobile Wallet: Why Number Portability is Critical to Safeguarding Mobile Banking,” iconectiv’s Jonathan Herttua, Director of Information Solutions, and Carolyn Knight, Senior Account Manager for the United States Local Number Portability (LNPA) team, will address a series of questions related to the challenges around protecting the mobile wallet, including:

• What happens to a user’s mobile wallet when they switch mobile service providers?

• With a phone subscriber changing their service provider every 1.6 seconds around the globe, how can financial institutions know for sure that the person they’re interacting with is indeed their customer, and how can they spot a potential impostor before fraud takes place?

In addition to exploring how number portability data can be used in a new way to help keep mobile money safe for customers and banks, the session will also discuss how global service providers can foster growth in this burgeoning market space, and provide insights on how the FinTech industry can:

• Avoid sending sensitive information to non-customers or incorrect customers via text or voice by knowing when a telephone number may have changed hands.

• Protect against account takeover fraud (i.e., when a bad actor intentionally misrepresents their identity via number porting or SIM swap fraud).

• Improve accuracy of third-party fraud and multi-factor authentication tools with near-real-time subscriber and carrier network data.

Who:

Jonathan Herttua, Director of Information Solutions, iconectiv

Carolyn Knight, Senior Account Manager for the United States Local Number Portability (LNPA) team at iconectiv

When:

June 8, 2022 at 1:00 – 1:45 p.m. ET

Where:

Communications Fraud Control Association (CFCA) Summer Education Event

Hyatt Regency Tysons Corner Center, Tysons Corner, Virginia