We all know that ‘smishing’ is a problem that the industry wants to solve. It’s a growing concern – a criminal activity that uses SMS messages to lure mobile phone users into revealing their personal information or being tricked into making fraudulent payments. Smishing is a significant industry threat highlighted in the MEF’s Enterprise Mobile Messaging Fraud Framework 2.0 – associated losses for this type of fraud are in the hundreds of millions.
With a strong presence as a bank and a growing reputation as a financial technology company, Barclays relies on SMS messages to send lots of personal information securely every day. In this whitepaper, Barclays Chief Security Office suggests a solution to the problem and issues a call to action to many organisations across our industry.
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