Streamline Account Origination
The bank recognized how easy it is for a malicious actor to get the username and password of a customer and obtain the customer’s OTP. With SIM Binding, the bank could ensure the account’s rightful owner and allow this verified device to register and transact using OTPs.
This capability also meets the government requirements for the SIM binding of a user’s mobile devices. Once customers enrolled their attributes, the bank needed to ensure customers could own and manage their data, secured on the 1Kosmos distributed identity platform.