Entries tagged with “Payment Security”.

Chances are good the apps you provide your customers as well as the apps you use as a consumer are vulnerable. In the recent State of Application Security Report, Arxan, mobile security experts, surveyed over 1,000 consumers and app security professionals from four countries. One of the most significant insights from the report was the following:

“While the majority of app users and app executives indicate they believe their apps to be secure, nearly all the apps assessed, including popular banking and payment apps and FDA-approved health apps, proved to be vulnerable to at least two of the OWASP Mobile Top 10 Risks.”

Other highlights from the report include:

● Consumers and app executives believe their mobile health and finance apps are secure.
● The majority of mobile health and finance apps contain critical security vulnerabilities.
● The security and safety risks are real and significant.
● Most consumers would change providers if they knew their apps were not secure.

The full State of Application Security Report can be downloaded here.

If your business was lulled into complacency about the incidence of payment fraud, there’s a trend you should be aware of. Between 2009 and 2013 actual and attempted fraud rates slid to 60%, but in the past couple of years have since risen dramatically. Recent research from the Association of Financial Professionals indicates that 73% of companies experienced actual or attempted payment fraud in 2015. That’s up 11% from 2014 and 13% from 2013.

What’s behind these changes? What forces and dynamics are fueling this uptick in payment fraud?

Sophisticated fraudsters - The modern cybercriminal is intelligent, collaborative and connected. This new breed of criminal is often highly educated and works in loosely knit, but highly effective collaborative networks with other expert technologists, intermediaries and in some cases corrupt government agencies. The stereotype of the young, hoody wearing loner in toiling away in the dark basement is no longer relevant. Today’s criminals function more like white collar professionals than the stereotypical IT geek. The level of expertise, the fluid and multidimensional style of attack and the speed at which they work makes the modern cybercriminal a very worthy adversary.

More payment options = more openings – One of the wonderful things about emerging payment technologies is how they have made so many more payment options available. Consumers now have a multitude of choices for completing transactions on mobile devices within a browser, via an app, in a retail location or with a myriad of other options. This creates convenience for consumers, but also creates more opportunities for thieves to find a point of entry.

Offshore threats – A massive proportion of cyberattacks originate outside the United States. The nature of these attacks make them difficult to track, but even when tracked to their source, if that source is in another part of the world there may be very little legal action that can be taken. Every country treats these matters differently, enforcement can be impossible in some situations even when the individuals or groups committing the crimes is very clear.

Soft targets – In many cases we as users are our own worst enemies. Many attacks focus not on penetrating complex, highly-secure environments but instead exploit basic gaps consumers unknowingly leave wide open. Things like social media profiles with limited privacy protection or mobile phone settings that passively broadcast personal information to anyone with the limited knowledge to pick up the signals. Sending sensitive personal information through email, text or other unsecured channels also provides an easy target. Use different, and secure, passwords for different applications and when it comes to handling of any financial information use a trusted, secure, well-established partner.

ProPay has been protecting consumers and businesses for many, many years and understands this new wave of attacks. Be sure you, and your business are protected.

For more information, call 888.227.9856 or email sales@propay.com. Visit www.propay.com.

It’s a constant business struggle, providing a seamless, low friction customer experience while protecting those customers and your business from an ever-changing array of advanced cybercriminals. ProPay® Guardian Cybershieldsm makes it easy to provide the experience and protection your customers and business need.

Sophisticated cybercriminals work hard to “hide in plain site” by disguising their activities as typical transactional activity. ProPay Guardian Cybershield uses the Global Trust Intelligence Network, a massive source of data about trusted and untrusted internet personas to sift through huge volumes of activity and information and differentiate legitimate activity from potential fraud. The Network does all this without creating interference or difficulty for legitimate customers.

ProPay Guardian Cybershield utilizes a suite of differentiated features and technologies that include cookie-less tracking, geo-location, a powerful rules engine as well as data and breach protection solutions. This impressive group of technologies makes it possible to keep up with the rapidly changing tactics of global cybercriminals.

The business value of reducing fraud requires no explanation. No business wants to suffer the financial and reputational damage from security or fraud issues. Beyond the direct impact of fraud, there are other significant expenses. Manual review processes consume valuable human and technology resources and can create frustrating customer experiences which may result in customer losses. Reducing process friction through an automated solution can minimize cost to the business and streamline customer experiences. ProPay Guardian Cybershield can impact these key areas.

Consumer trust and confidence is the foundation for a strong digital customer relationship. ProPay Guardian Cybershield is an intelligent effective way to improve both customer experience and protection from fraud.

For more information visit www.propay.com, email sales@propay.com or call 888.227.9856.

ProPay is driven to make the payment process easier, safer, and more efficient for consumers and businesses. The MasterCard MasterPass digital payment solution is a great example of how ProPay is partnering with the best financial services companies in the world to provide a variety of integrated payment services.

MasterCard MasterPass allows consumers to securely store MasterCard and other branded credit, debit and loyalty cards, as well as shipping addresses all in one place, making for a more seamless checkout process. There is no longer a need to manually enter or reenter payment or shipping information, so completing a transaction is simple and convenient.

The checkout process often makes or breaks a consumer’s overall purchase experience. Getting it right can mean gaining another loyal customer. Getting checkout wrong can mean at best, frustrated consumers who persevere and become customers, or worse consumers who abandon the transaction and move on to do business with someone else.

Customer experience is the new battleground for businesses. The businesses that get it right will win. The businesses who don’t focus on experience will struggle. ProPay and MasterCard MasterPass offer a combined solution that makes it easy to create a positive customer experience. In addition to better experience, the combined solution also provides powerful fraud protection, and is accepted around the world.
ProPay offers multiple ways that businesses can accept payment and provide consumers with the secure, secure transactions they desire. ProPay and MasterCard MasterPass offer a powerful, seamless payment combination.

For more information visit www.propay.com, email sales@propay.com, call 888.227.9856.

When the leaders of the financial services world get together, it’s kind of a big deal. Money20/20 is one of the most significant events in the financial services industry and ProPay is helping make it happen.

“As the industry’s primetime conference and trade show, Money20/20 delivers the biggest scale, best audience and most engaging event. Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000+ CEOs, from 3,000+ companies and 75 countries, expected at our 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.”

ProPay was selected to provide the payment platform for this prestigious event, enabling the financial underpinnings and support for this high-visibility, global meeting of the minds. ProPay was chosen based on our history of being a trusted, secure, innovator in the industry and a vendor worthy of this caliber of event. The easy API integration and seamless user experience made us a natural technology fit.

If you can attend it’s sure to be an amazing few days with the best and brightest in the industry, ProPay is proud to be part of this industry-changing event.