SIM-based authentication is an identity breakthrough to prevent fraud and fake accounts while seamlessly verifying mobile users using the most cryptographically secure identifier they already have the SIM card embedded in their mobile devices. SIM swap fraud is a growing issue with serious financial consequences FinTechs and cryptocurrency wallets have been especially targeted, but any platform that uses SMS to verify identity is at risk. SIM-Authentication API can detect SIM swap activity within the last 7 days. SubscriberCheck by truID hooks into the same authentication mechanism as MNOs.
Source: https://thehackernews.com/2021/06/new-api-lets-app-developers.html