ValidSoft supplies fraud prevention, transaction verification, and authentication services globally. Now validating ValidSoft’s technology is a “Jury Vote” award given by the Florin Transaction Service Innovation Awards.
ValidSoft’s award winner is its SMART telecommunications-based transactions protection service. The Florins are given for pioneering work in the field of transaction services, and are sponsored by the European Payments Consulting Association (EPCA).
SMART stands for Secure Mobile Architecture for Real-time Transactions, and is a “telecommunications-based technology which offers a multi-factor, multi-layer authentication solution designed to verify and authenticate transactions on mobile devices. SMART can protect transactions for M-banking, mobile wallets and P2P payments, and because of its flexibility, is custom designed for both feature and smart-phone technology,” the company explained.
The Florin award jury apparently saw things ValidSoft’s way. "Our very demanding jury has selected SMART among many other great innovations, valuating the combination of multiple factors to improve the level of authentication while keeping both the enrolment and process easy and convenient for end-users. We all agree ValidSoft is paving the way for secure mobile transactions,” said Gerard de Moura, Chairman of the Florin jury.
The company believes the problems of fraud and cybercrime are only getting worse. “As the use of smartphones for banking and payments is growing at a rate of nearly 53 percent per year, security and consumer privacy are paramount because fraud will certainly draw on the vulnerabilities of this new channel. Telecommunication – specifically a mobile-based solution – is key to combatting the threat of fraud,” said Pat Carroll, ValidSoft CEO.
U.S. Expansion
Most of ValidSoft’s business is in Europe, but the company is looking to expand into the U.S., and was part of the BAI Payment Connect conference in Phoenix, AZ. “Across the US, people are becoming increasingly concerned that systems designed to safeguard privacy and fight fraud are in danger of falling behind the huge growth in mobile technology. Our Privacy-by-Design philosophy, which is at the core of our development methodology, clearly demonstrates that it is possible to achieve strong security without compromising the privacy of the individual,” said John Petersen, ValidSoft’s global head of business development.
Cyber Crime Peril
ValidSoft not only protects businesses against standard hacks, but also against higher-level fraud and cybercrime. “The rise of cybercrime shows a worrying trend towards highly sophisticated fraud growing at a rapid rate. The approach by which fraudsters breach our personal information and thus our bank accounts continues to diversify and the ‘fraud family’ shows a worrying trend of growth. Against a backdrop of increasing m-commerce revenues we view the industry has only one option, to move to a mobile based security system that works in real time, is flexible and works across multiple channels,” the company argued.
ValidSoft believes it can help solve the problem. “Payment systems will never be fraud-free, but financial institutions can implement enhanced security controls and train staff to mitigate risks. One universal problem is that technology today evolves rapidly as enterprises of all kinds seek to innovate and capture the attention of consumers. Serious new threats that exploit weak points can materialize every day.”
This graphic shows how Validsoft views cybercrime
Edited by
Brooke Neuman
