WIZZIT receives global accreditation for their payment authentication product
Banks are losing billions of dollars a year to the exponential increase in payment fraud. The reputational risk for banks could be crippling. Everyone is impacted, from wealthy consumers in developed economies to bottom of the pyramid consumers in emerging markets.
In Europe to combat this trend, the launch of PSD2 in September is setting the standard globally. Many markets, regulators and banks are watching with interest the impact that this will have. In essence PSD2 (Payment Service Directive) introduces new laws aimed at improving innovation, reinforcing consumer protection, and enhancing the security of online payments and account access in the EU. “Strong Customer Authentication” - SCA is a PSD2 requirement that ensures electronic payments are performed with multifactor authentication to increase security. This means customers authorizing payments need to clearly identify how much they are paying, and who they are making that payment to. This Multifactor Authentication comprises two of the three factors of authentication currently in place and widely used:
Something you own – mobile phone
Something you know – PIN or password
Something you are – biometric such as fingerprint, facial recognition or voice.
One of the challenges facing banks and therefore their customers, is enabling their clients to enter their PIN on their mobile phone in a safe and secure way. Up until now, this has not been regarded as secure and it does not comply with the security standards set by the industry and accepted by everyone.
WIZZIT is pleased to announce that it has just received PCI-DSS Accreditation of Compliance for its innovative, unique and end-to-end encrypted solution whereby customers are able to input their PIN completely securely, directly on their Mobile phones, with a secure Pin Pad as a means to both identify themselves and to authorise a transaction.
*(PCI-DSS = Payment Card Industry Data Security Standard is a set of security standards designed to ensure that ALL companies that accept, process, store or transmit payment card information maintain a secure environment)
The uniqueness of this solution is that it balances the stringent security requirement of the banks with a frictionless user experience demanded by the consumer. It takes what every bank in every corner of the globe knows and trusts with what every merchant – physical and online (e-commerce) knows and trusts together with what every card user knows. The solution is installed within the Bank’s environment in a matter of weeks and not only complies with but ensures that every bank will meet the deadline – and if outside of Europe – will meet the global best practice and standards.
WIZZIT is a global technology company providing innovative payments and mobile banking solutions