Syniverse, the world’s most connected company, announced it is developing a secure global messaging solution that is designed to help brands keep text messaging clear of inherent security risks that come when sending messages over the internet and without proper user authentication.
To protect against vulnerabilities in text messaging, Syniverse is collaborating with Telefónica to offer businesses a global cloud-based messaging platform that runs over a private network with end-to-end encryption of actual messages and messages in transit.
The network operates separately from the public internet using private addressing schemes that make it invisible to those with malicious intent.
What used to be considered “secure enough” for text messaging is no longer adequate for keeping information safe from the advanced techniques of fraudsters and hackers.
That’s why companies like Telefónica International in Latin America and Europe are turning to Syniverse to help manage mobile communications by confirming customer identity and consent, and securely transmitting customer and business data.
The mobile attack rate in Latin America, where the Syniverse solution will initially launch, is 8.9 percent, according to Lexis Nexis. Payment transactions, logins and new account creations are being targeted by fraudulent bots, and by the spoofing of internet protocol (IP) addresses, devices and identities.
With this secure global messaging solution, Syniverse and Telefónica will protect customers and mobile operators from these attacks as well as an array of other cyberattacks, including phishing, whaling, denial-of-service, and man-in-the-middle incidents.
Latin America isn’t the only region that’s targeted by malicious actors. In the U.S. last year, there were 16.7 million people affected by account takeover fraud, according to Javelin Research.
In one case, a leading bank lost $15 million in fraudulent withdrawals due to poor transport, application and security encryptions. Attackers fraudulently assumed the identity of one of the bank’s customers to access the payment network before making fake withdrawals from multiple bank branches.
The need for the secure alternative that Syniverse will offer extends beyond the banking industry. The potential for loss affects any company that relies on digital communications.
Text messages can be hacked to access financial or operational information or even to control networks, systems and databases. Whether it’s an e-commerce platform that sends one-time password texts to authenticate customers or a government agency deploying surveillance drones, a variety of processes used by different industries are at risk.
Syniverse will safeguard the customer experience and drastically decrease business risks by offering full-network-layer encryption all the way through a company application to the mobile operator with segmenting isolation in two areas. Also, automated alarming will set off if network end points deviate from expected communications behavior.
Product availability will be based on the number of mobile network operators connected to the secure global messaging solution, which will continually expand.
John Wick, Senior Vice President and General Manager, Global Product, Syniverse: “Any device that is capable of sending and receiving text messages over an unsecured network is at risk of cyberattack.
“To minimize this risk, Syniverse and Telefónica are leading the way to secure the messaging environment so that sensitive information is protected at each stage of its journey as a message is sent from a brand, passed through a mobile network, and received by an end device.”