How Jersey stays one step ahead of financial criminals

Daragh McDermott
June 26, 2020

As a business at the forefront of digital transformation, JT is used to change.

We help our customers adopt technology to stay competitive, relevant and secure, keeping them at the forefront of global business innovation and evolving our services to meet their growing needs.

Take Jersey’s full-fibre broadband network as an example. Never has the need for a reliable, secure and fast network been more important than during the COVID-19 pandemic. Because JT was prepared to look forward and invest in Jersey’s network, many of us were able to simply leave the office and begin working from home, adapting to a new normal.

Just as it was clear the demands on our network would increase overnight, other aspects of our services have needed to be robust too. A couple of years ago, it was predicted that smartphones would overtake debit and credit cards as people’s preferred payment method by 2020.

At the same time, the amount of mobile fraud has rocketed. In one study from 2018, two-thirds of fraud reported in the finance and retail sectors started on a person’s mobile phone.

Fraudsters find it easy to get someone’s personal information by using social media and the dark web to begin the process of account take-over – where they can use various processes to carry out a SIM swap or implement call diversion on mobile phones to carry out their crimes.

Investing in fraud protection services

Financial institutions need technology that provides access to real-time information that enables them to check specific customer details, in order to not only mitigate financial risk, but also to comply with market regulations, such as the EU Payment Services Directive (PSD2), and secure authenticating customers to their accounts.

That’s why at JT we have invested heavily in fraud protection services that are designed to meet the needs of businesses in the financial services sector, keeping their clients’ data safe and providing customer confidence.

Products such as JT Monitor make it easier to detect whether a client’s SIM has been swapped by cybercriminals. JT Signal enables financial institutions to determine if there are any irregularities, or whether their customers have been compromised.

In a new partnership formed last year, JT teamed up with CK Hutchinson (CKH), giving us access to 3Group’s network of operators, expanding our fraud protection services to reach a global audience of financial institutions. JT can now use CKH’s digital hub to allow financial institutions to verify that the data they have been given matches that of a 3Group subscriber, providing the confidence they need on key decisions.

Further, JT’s fraud protection service carries out live background checks to ensure a customer’s device hasn’t been compromised, helping to prevent SIM swap and call diversion fraud.

Security in everything we do

With so many of us relying on data and services that are easily accessible, it is vitally important that everything that passes between users, service providers and financial institutions is secure. We see our role, as a telecoms operator, as working with financial institutions to stop the fraud from happening in the first place.

As our growing reputation around the world shows, JT is well placed to meet that need.

Visit jtglobal.com/business to learn more.

About the Author

Daragh McDermott

Managing Director at JT Channel Islands

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