| Technological advancement in mobile has transformed the convenience quotient for people, especially in the payments and financial space. More people are increasingly transacting via mobile banking. As per data experts Caci, 25 million people in the UK, i.e., approximately half the country, are using mobile for banking activities. However, there is a flip side to this convenience quotient—fraud. The number of fraud cases has consistently increased over the past few years. As per the City of London Police, over 453,495 reports were filed over the past 13 months, resulting in financial losses to the tune of £2.4 billion through fraud and cybercrimes. One of the fraud techniques that has particularly stood out is ‘SIM swapping.’ |
