Security Best Practice in Payments and Banking Outside the European Union

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After much debate and campaigning over recent months, the nation went to the polls yesterday and voted in favour of the United Kingdom leaving the European Union.

The result shows that many were unconvinced of the arguments to remain, not only for the UK’s future as a whole, but also for their own personal circumstances. There has also been a lot of uncertainty about what will happen to the payments industry with the UK leaving the EU, and disagreement amongst experts continues.

However, we think one thing is for certain: the UK’s exit from the EU is unlikely to signal the widely predicted doomsday for the financial services industry, including the payments sector.

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Fighting CNP fraud through simple yet strong authentication

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Our transactions are becoming increasingly cashless. Consumers are increasingly preferring alternative payment methods as they are often easier and faster to use than traditional methods. Our debit and credit cards now allow us to shop online anywhere we are or to send money to the other side of the globe with a few clicks.

However, the flipside to this boom in online commerce has been a correlating boom in online fraud. Card-not-present (CNP) fraud has been on the rise globally; in the UK alone CNP fraud increased by 20% in 2015.[1] Current authentication solutions used by banks and financial institutions are not effectively solving this issue. One-time-passwords are often used but are vulnerable to attack by sophisticated cyber fraudsters, by using malware and exploiting the vulnerabilities of the SMS network.[2] 3DS is also used as a fraud prevention method, however the user experience can be poor and many retailers end up turning it off as the cost of lost revenue from people abandoning their order through frustration is often greater than fraud rates.

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Biometrics and PIN: the future of authentication

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Consumers are becoming more concerned about their privacy and security, and this has been exasperated by recent high profile data breaches, such as at TalkTalk[1] and, more recently, with Myspace.[2] This has led many to question whether traditional authentication methods, such as usernames and passwords, are still secure. In a recent survey, 80% of consumers preferred biometrics over usernames and passwords.[3]

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MYPINPAD appoints Morten Hofstad as Head of Asia Pacific

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LONDON, UK. 2 June 2016 – MYPINPAD, UK based technology company which enables multi-channel and multi-factor authentication via the Cardholder PIN, has today appointed Morten Hofstad as Head of the Company’s Asia Pacific business.

The appointment comes at a key stage in the Company’s global business development and signifies MYPINPAD’s investment in appointing a team of industry leaders. Morten brings over 15 years of experience spearheading business partnerships within mobile payments, electronic finance services and new technology across Europe, MENA, Africa and Asia to MYPINPAD’s senior leadership team.

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