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Cyber-Security and Fraud

Buy vs. Build: the Million-Euro SCA Question

“Should we build in, or should we buy in?” This is one of the oldest software-questions management teams have to answer. Yet we believe that this should be less of a consideration regarding whether or not an organisation can build something. Rather, the right question is why they should build it.

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Reviewing Access Control Server Integration for SCA

In order to receive 3D Secure messages, process said messages, and authenticate card users, issuing banks must deploy Access Control Servers (ACS). To ensure that transaction integrity is never compromised, the Okay software works in parallel to prevent attacks and protect user information during confidential transactions. The process looks a little something like this:

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How Okay Can Help with PSD2 RTS SCA Compliance

Compliance, requirements, deadlines, oh my! By now you should have a comprehensive overview of what to be aware of as PSP. As such, it is time to wrap up the topic of SCA compliance. In this article, we cover how Okay uses security evaluations to fine-tune our product as well as how we can help you meet SCA PSD2 RTS compliance standards.

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Understanding PSD2 RTS SCA Compliance

Compliance. A scary term for any payment service provider (PSP) in a world of increasingly stricter regulations and requirements. To make it a little less scary, we are opening the PSD2 RTS Compliance door to extract some key points of interest. Read on for the fundamental requirements PSPs should be aware of if issuing cards or e-money payments and why said requirements are necessary.

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How Virtual IBANs Enhance the Growth of B2B Cross-Border E-commerce Businesses

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation.

Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models.

Here we have outlined three ways that virtual IBANs are transforming the way companies do business locally and abroad:

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Driving Forces and Technology Trends Behind Fintech Innovations in 2021

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization.

We at Monneo have identified five major trends that we think are driving the Fintech innovations in digital banking, in 2021 and beyond:

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Re-enrollment, Customer Onboarding and Magic Links

The reason why re-enrollment is so sensitive is simple: when you do an app-based strong customer authentication (SCA), the user has already been authenticated on the device. This means that it is possible to check the ‘possession’ factor using a device fingerprint from before.

If a customer has a new device, and has an existing device registered to their account, we recommend using SCA to enroll. A typical way to do this would be to use a QR code that the user can scan from one device to another. In the case where there are no existing devices linked to an account, we recommend that the customer go through a full “know your customer” (KYC) procedure in order to re-enroll their new device.

One of the ways we’ve helped our customers strengthen their re-enrollment process is to implement a mechanism known as ‘magic link’. A magic link is a link received through a semi-secure channel that authorises the customer to use a particular device. Using a link like this can be practical, as the re-enrollment procedure might be stretched out over time.

Interested in hearing more about Magic Links? Be sure to read the full article at okaythis.com/blog.

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What Makes Successful Businesses Thrive in the E-commerce Space, Too?

The recipe for success in the e-commerce business is much the same as any other entrepreneurial endeavor except it comes with many opportunities for growth and leverage that physical businesses don’t have.

Online business may be the future of many markets, and for good reason. From scalability of immediately needed resources to cost-effective innovation and optimization, we have identified five key elements of success for e-commerce business in the modern age:

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How to Secure Your E-commerce Business Against Cybercrime and Cyber Threats?

E-commerce businesses can’t put enough of a premium on online cybersecurity and protection against threats. Not only can malicious actors steal data and commit fraud, but they can also completely undermine a customer’s confidence in your business.

To avoid costly fraud and cyber threats, we’ve found five primary areas of focus that e-commerce businesses need to keep in mind as they move forward in the online market:

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Strong Customer Authentication or SCA: is Europe 3D secure (2.0)-Ready?

As part of a European Union mandate called the Revised Directive on Payment Services, or (PSD2), merchants operating in the EU economic zone must use payment service providers within the European Economic Area that offer what is known as strong customer authentication.

This is also sometimes referred to as the SCA requirement or the PSD2 compliance. In essence, this directive ensures that transactions occurring within the EU’s economic territories make use of multi-factor authentication in order to verify a buyer’s identity.

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Challenges and Opportunities Borne by the European Single Digital Market

The promises of the European Union single market, while not full borne out in the reality of the business world, where the same are actually still far from the dream promised when it comes to the virtual single market. What does this mean?

In other words, the European Union might act as a single market when it comes to monetary issues and beyond, but the EU single digital market is hampered and its growth restricted by a myriad of factors including various compliance regimes and the logistical mastery needed to make it all work.

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2021 Malware Trends

– Introduction
– Evolution of Ransomware
– Beyond Windows
– Financial and Banking Sector
– Vulnerabilities and Malware
– Conclusions

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The Future is Frictionless: Customers Care About Shopping, Not Payments

Okay wants to make the payment process as smooth as possible, specifically when it comes to customer authentication. While this is just one part of the payment process that can introduce friction, it is often where checkout abandonment occurs. In this post, we’ll try to describe some of the options that we’ve seen in the market regarding frictionless payments, including their strengths and weaknesses.

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What 2021 Will Bring to the Global Payments Industry

The global economy is expected to begin the process of recovery from the 2020 pandemic throughout 2021 and an integral part of that will be the payments industry as well as virtual IBANs and digital banking.

Analysts see five major trends on the horizon for 2021 in how things will change for the payments industry and digital banking services including enhanced automation to more robust identity verification as well as an authentication technology.

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Digital Payments: What’s the Next Big Thing?

Not only is the extension of digital banking services and digital payments solutions integral to the growth of mobile and online marketplaces, but also it is central to the monetary revolution taking place right now with cryptocurrencies and the rise of a cashless economy. We have identified three major movements in digital banking that could shape how the next several years play out, from enhanced payments processing to the integration of new consumer blocks into the financial system.

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Which is More Secure: Apple’s iOS or Google’s Android?

Will our smart devices be able to implement the necessary security measures to keep up with an ever-increasing digital marketplace? If so, which ones will reign supreme? In this article, we reflect on an age-old question of iPhone vs Android device, well worth considering by all financial industry players, big or small.

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Online fraud lessons learnt in 2020

– There has been an increase in fraud seeking to circumvent payments security
– Behavioral biometrics took steps towards becoming a foundational cybersecurity technology
– Fraud prevention in 2021 will become as much about response as detection

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Chargebacks911 and Fi911 drives APAC expansion with the appointment of regional Director of Business Development

Merchant dispute technology specialist, Chargebacks911, is driving its ambitious growth plans in the Asia-Pacific (APAC) region with the appointment of its new Director of Business Development, APAC – Jia Min Tan.

Being based in Singapore, Jia Min will help facilitate the growth of Chargebacks911 and Fi911 (its new brand for financial institutions) in APAC, while bridging any language barriers that may be encountered in the region.

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COVID19: E-commerce Nightmares and Surprises Series – Story 2

As #emerchants face high market volume and volatility, they will benefit from setting a North Star to focus on customer experience while effectively managing #fraud and #transaction risk. At Cybertonica, we create solutions on our SaaS/PaaS platform to make trust and frictionless commerce safe and secure for businesses and consumers. We know that outdated rules and operations can create almost Kafka-like situations. This happens through false positives and inappropriate rule-action that make consumers unhappy and businesses less profitable. We decided to collect stories from colleagues, friends and people in our network, including our customers and their clients, telling us how their e-commerce experience is going in this period. What we found was that there are both nightmares and nice surprises, but the payment experience is still far from perfect. 

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COVID19: E-commerce Nightmares & Surprises Series

At Cybertonica we Trust in Transaction. We make systems to make trust and frictionless commerce safe and secure for businesses and consumers. We know that outdated rules and operations occasionally introduce almost Kafka-like situations and thought it would help us to see the end customer and merchant point of view.

So we decided to collect stories from the people in our network and customers as well as their clients telling us how their e-commerce is going in this period – both the nightmares and the nice surprises.

We asked them to tell us about their online shopping experiences during the lockdown to paint a vivid picture for the merchants. From surprise champagne deliveries to account takeovers, we have some good stories lined up for you!

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SIM swapping scams and behavioural biometrics

– How does SIM swapping work?
– SIM swappers struck – what next?
– The role of the bank in stopping SIM swapping fraud
– Behavioral biometrics analysis overcomes the failings of two-factor authentication
– Profiling cybercriminals, one simjacker at a time

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Managing refunds exposure & merchant creditworthiness during COVID-19

COVID-19 continues to spread rapidly and the economic crisis escalates globally every day in the face of the pandemic. The humanitarian cost and stress on health systems and infrastructure induces fear and uncertainty, affecting lives and livelihoods on a daily basis. One area of great significance is the threat of illiquidity among partners and cashflow crises that damage or destroy once stable businesses. Cybertonica is building a new feature for Acquirers that predicts cash flow impacts and liquidity problems Merchants may face so that the payments operator can react appropriately, maybe vary conditions or seek to terminate a relationship if there is a risk of bankruptcy or fraud.

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Highlights from Cybertonica at Payment Systems Regulation and Innovation Online Conference

Cybertonica CEO and Co-Founder Joshua Bower-Saul along with Tony Craddock of Emerging Payments Association discussed the Impact of COVID-19 on Payments Security at Payment Systems Regulation and Innovation Online Conference on June 4th, 2020.
Hosted by City & Financial Global, Payment Systems Regulation and Innovation Online Conference focused on all aspects of payments innovations, including regulatory framework, in the context of the new challenges brought on by the current global crisis.

Issues covered in the event include: 

– Reducing the risk of fraud and cyber risk with and within the next generation of payments security 
– Shaping and re-shaping the payment industry: privacy, data access and regulatory considerations

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