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Customer Not Present threat prompts response from US providers

Written by Banking Tech

November 5, 2014 – As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.

Just as the financial crime community has been warning of ‘blended-threats’ – attacks that use more than one technique to attempt breach systems – the defences are increasingly using multiple sources of identification in what is called Knowledge-based Authentication.

One company in this space is Enacomm, which is addressing the issues through a partnership with IDology, which develops on-demand identity verification and fraud prevention solutions for CNP transactions The pair have integrated IDology’s technology with Enacomm’s eKBA mobile product targeted at fraud prevention that helps organisations authenticate customers and activate their accounts in real-time.

Presented audibly through voice and through visual interactive voice response on a smart device, eKBA prompts individuals to answer personalised questions via a graphical user interface.

“The financial industry has an indispensable role to play in combatting fraud, which is becoming not only more common, but also more sophisticated,” said John Dancu, chief executive of IDology. “Credit, debit and prepaid card fraud are still a major problem, but organisations of all sizes can now be part of the solution by equipping themselves with innovative technology solutions that stops scams in their tracks without needless customer friction.”

“RushCard was established more than 10 years ago to empower people without traditional banking relationships through products and services that provide greater control over their financial lives,” said UniRush chief executive and chairman Rick Savardr. “In a world plagued by sophisticated white-collar crime, technology partners like Enacomm enable RushCard to deliver security to protect our customers’ financial assets and identity from being stolen.”

To view the article, please visit www.bankingtech.com or www.nationalcybersecurity.com.

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For More Information Contact
Lauren DuBois
(917)573-2485
LaurenD@enacomm.net

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