Authentication and transaction sectors boosted with new solutions

News by SC Staff

The banking and payment industries have been bolstered this week with new options in authentication and transaction checking.

The banking and payment industries have been bolstered this week with new options in authentication and transaction checking.

FireID launched the FireID Authentication platform for banks this week, which provides transaction verification, authentication for mobile and online banking, and internal VPN access for bank use.

It explained that the platform eliminates the need for hardware tokens by generating secure one-time passwords (OTP) on users' mobile phones, with no network connectivity required, to provide strong security for sensitive financial transactions.

Jenny Dugmore, CEO of FireID, said: “Most internet banking users falling prey to banking fraud are due to the lack of strong authentication as part of the bank internet security measures. When an internet banking portal is relying solely on static passwords, a user is left very exposed.

“FireID's Authentication provides banks and their users with an efficient, convenient solution that significantly reduces the risks involved with internet financial transactions and accessing online resources.”

Ethoca360 Signals - a free fraud detection service targeted at preventing chargebacks and card not present (CNP) fraud has also been launched by Ethoca. The company claimed that this checks transactions in real-time against the Global Fraud Alliance (GFA) repository and identifies matches and patterns that indicate either fraud risk or a probable good order through intuitive colour-coded ‘warning signals'.

The free negative signals service can identify a history of chargebacks, fraud, data inconsistencies linked to the current order and other unwanted behaviours. This information can be incorporated directly into merchants' fraud scoring, or used as decision support when manually reviewing orders.

Andre Edelbrock, CEO and co-founder of Ethoca, said: “Ethoca was founded on one simple fact, that knowing more about your customers enables better fraud prevention and that only through collaboration can merchants get a 360-degree picture of what they are dealing with.

“Our goal in making this negative service free to merchants selling in a card-not-present environment is to help all of them spot high-risk transactions that would otherwise have been missed. Users will see immediately which orders match any negative data in the GFA database. By collaborating on a global scale, online merchants have the ability to make fraud a problem of the past, and by making our negative signals service available for free, we are one step closer to making that happen.”


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