iTouch launches its latest innovation to combat digital fraud
iTouch latest technology platform, Mobile Virtual Identity or MVI, provides the solution to what is on the agenda of most enterprises, banks, governments, namely, Mobile Digital Fraud!
Consumers are constantly under attack by malicious and unscrupulous fraudsters from far and wide, locally and from cross-borders that often lead to financial loss.
Communication channels are no longer trusted but necessary in the normal process of transacting and / or communicating.
We often hear of data breaches where consumers personal information is fraudulently accessed, even though the protection of personal information is now regulatory and a legal requirement.
Verizon’s Data Breach Investigations Report 2023 confirms the human elements involvement in 74% of data breaches, including social engineering tactics.
So how does iTouch’s MVI solution assist in mitigating fraud and bringing trust back to these traditional communication channels?
Mobile Virtual Identity (MVI)
“A Solution that will place bank-grade security into the hands of every consumer.”
Every participating enterprise will ultimately be able to have its consumers digital credentials tokenized leveraging blockchain technology that then becomes a secure channel of communication in a secure inbox with a clear sender ID of the enterprise. All communication herein will be encrypted and only if the token is verified by the MVI platform will the message be decrypted for viewing by the intended recipient.
Any form of fraudulent attempt to intercept the communication, including the cloning of a mobile device will only be able to view a jargoned message, hence mitigating the attempt to defraud the consumer.
Communication channels protected include SMS, USSD and the Data channel. Using the data channel will also lead to significant savings for enterprises/banks that currently use SMS as their communication channel for purposes such as OTP’s, transactional messages, etc. The data channel also behaves similar to that of a mobile banking app when approving or declining a transaction instead of typing in an OTP, a seamless process for the consumer.
With these channels protected, the use case expands communication possibilities to include links to landing pages, marketing material, application forms, etc.
The MVI Solution is designed to be multi-tenanted and therefore allows multiple banks / enterprises / governments to use the same solution that allows each consumer to receive their respective encrypted communication, all in one secure inbox. Integration via API’s allows for easy deployment.
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