MEF Member Mitto shares a summary of a recent discussion between Uros Mijatovic, VP of Business Operations and MEF’s Matt Ekram on the issue of AIT Fraud: what it is, why it is on the rise and how businesses can prepare themselves to prevent it.
In recent years, the messaging industry has faced a significant surge in financial fraud, with AIT reaching alarming levels. This escalating issue threatens to undermine customer trust in SMS, particularly in key applications like two-factor authentication (2FA), which remains widely used due to the ubiquity of SMS delivery.
AIT manifests in various forms and continues to evolve in complexity, making it challenging to establish a bulletproofmitigation strategy. All businesses utilizing SMS are vulnerable to these attacks, and the scale of these incidents can jeopardize the liquidity of small and medium-sized enterprises (SMEs), potentially causing financial harm throughout the value chain to those not directly involved in fraudulent activities.
Mitto addresses AIT by employing an innovative and agile strategy tailored to counter the ever-changing tactics of fraudsters. This includes a team of seasoned industry experts, a modular and flexible messaging platform, and automated early detection systems. Notably, Mitto serves as an advisor to its clients, offering customized multilayered protection strategies that have proven effective in reducing the frequency and severity of attacks.
Addressing AIT requires a collaborative effort across the industry. All stakeholders, from enterprise customers to mobile operators and aggregators, must unite to eliminate fraudulent actors and restore trust in SMS as a reliable and secure communication medium.
Watch the full video below
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