Press Releases

AI Security Company Everspin... “Concerns Over Identity Theft Financial Fraud via Budget Phones Are Over”

2024.03.21

AI security company Everspin (CEO Young-bin Ha) announced that it has presented a solution for financial fraud caused by identity theft through budget phones (MVNO), which has been rampant recently. Most cases of identity theft financial fraud occur through MVNOs. MVNO (Mobile Virtual Network Operator) services, where non-face-to-face subscription is active, allow users to sign up simply by entering basic information such as a resident registration number or mobile number and going through a few authentication steps. Various loan apps follow similar processes, and criminals exploit these vulnerabilities hidden behind convenience. Everspin presents two solutions to prevent such identity theft crimes. While each is effective on its own, combining them maximizes the effect. The first is the protection of communication data through 'Eversafe Web.' It has been revealed that many of the identity theft crimes currently causing issues involve tampering with parameters used for secondary authentication. Eversafe Web utilizes its MTD (Moving Target Defense) technology to detect and block requests and response data, like parameters, from being tampered with via Man-in-the-Middle (MITM) attacks. This enables the defense of hacking occurring during secondary authentication, preventing identity theft crimes. Eversafe Web achieves all-around web protection across resources, communications, and servers—not just in specific areas like parameter tampering prevention, but also in cross-corporate scraping prevention and proactive response to Log4J—drawing attention as an unprecedented expansion of the security domain. The second is 'iDEFENDER,' an identity theft prevention service. 'iDEFENDER' is a technology specifically developed to prevent identity theft crimes, co-developed by Everspin and representative credit evaluation company NICE Information Service. Everspin's FakeFinder has secured over 60 clients, holds the number one market share in phishing prevention, and is the only solution capable of collecting massive app big data through 43 million MAU. iDEFENDER is the first identity theft prevention service to apply this data to the defense of identity theft crimes. 'iDEFENDER' can identify suspected cases of identity theft by cross-checking abnormal smartphone signs with NICE Information Service's credit info, preventing crimes in advance. This is a new technology that did not exist before, and its practical performance was recognized by detecting over 13,000 suspected cases of identity theft in the past two months. Expansion to more customers is scheduled for the first half of the year. Eversafe Web is being applied to various financial institutions such as Meritz Securities, Korea Investment & Securities, Kiwoom Securities, Nonghyup Bank, and Samsung Card. The identity theft prevention service 'iDEFENDER' is currently being utilized by more than 10 financial institutions including KB Kookmin Bank, Nonghyup Bank, Samsung Card, and SBI Savings Bank. As such, 'Eversafe Web' and 'iDEFENDER,' which are practically utilized by many financial institutions, are drawing significant attention for their ability to confirm all results through actual figures.