Wednesday, 27 July 2011

Jumio Turns Any Webcam into a Credit Card Reader

Payment company Jumio unveils a new technology solution for businesses to increase security and ease of use for online and mobile credit card payments. Jumio's patented Netswipe solution turns any webcam into a secure credit card reader that allows merchants to more easily and efficiently accept payments online. "Jumio bridges the gap between the security and trust of credit card payments at the point of sale and the availability and convenience of modern day online transactions," says Jumio founder and CEO Daniel Mattes. "Consumers love the ease-of-use and the smooth experience associated with completing a transaction. At a time when both consumers and businesses are looking for more efficient and safe ways to make credit card purchases, , Netswipe promises to usher in a new era of disruption that makes online payments easier than ever before."

Netswipe is the first and only solution that enables online card-present-transactions: Checking out just like at the point of sale (POS). To complete a transaction, consumers briefly hold their credit card in front of their webcam. Through secure video streaming, the credit card details are recognised and verified. No snapshot image is taken; no data is stored on the computer that is used for the payment.

Confident Technologies Unveils New Mobile Authentication Technology

Confident Technologies, Inc. unveils 'Confident Multifactor Authentication', a new approach to two-factor authentication that delivers an image-based authentication challenge to users' mobile phones for a more secure out-of-band authentication process.

An increasing number of online businesses and websites have started deploying two-factor authentication by sending authentication text messages to users' mobile phones for added security. Unfortunately, cybercriminals are keeping pace and have been increasingly targeting the mobile channel for attack. Using a variant of the infamous Zeus malwareto intercept and reroute authentication text messages, cybercriminals can authenticate their own fraudulent transactions.

Confident Multifactor Authentication provides a completely new and highly secure way to protect online businesses and their customers from fraud and Zeus-in-the-Mobile (Zitmo) attacks. The Confident Multifactor Authentication process remains completely out-of-band from the web session and is more secure than displaying an authentication code in plain text, as is done in an SMS text message or soft token.

When a user first registers with the website or online service, they select a few categories of things they can easily remember - such as dogs, flowers and cars. When out-of-band authentication is needed an application on the user's smartphone displays a randomly-generated grid of pictures that has a one-time authentication code encrypted within it.

By encrypting authentication codes within a graphical display it provides a revolutionary new approach that solves the challenge of balancing strong security with ease-of-use, and makes the second factor secure from both sophisticated threats like Zitmo as well as low-tech threats like the physical loss or theft of the device.

Echoworx Released New mobilEncrypt Solution

Echoworx, a provider of credential management and managed encryption services for complete e-mail and data protection, have introduced a new and innovative encryption solution that brings end-to-end mobile encryption and credential management capabilities to enterprises.

The new mobilEncrypt encryption solution will meet the needs of mobile business users. It addresses all cloud applications, major devices and mobile platforms such as smartphones and tablets.

According to Michael Ginsberg, CEO of Echoworx, "the challenge with mobile security is the use of multiple operating systems within an enterprise. As a result, they have been unable to replicate the breadth of encryption capabilities that exist in the non-mobile world".

mobilEncrypt is interoperable with all other Echoworx encryption products. The solution addresses a complete range of mobile platforms, including iOS (iPhone, iPad), Android and BlackBerry devices. Echoworx mobilEncrypt will also complement Apple's new release of iOS Version 5.0 in the fall.

One Billion Payment Contactless Cards will be Shipped in 2016

According to ABI Research report, an estimated one billion payment cards with contactless capabilities will be shipped globally in 2016, up from just 170 million in 2010. The shipment of cards includes EMV dual interface cards and the non-EMV pure contactless push in the US.

Phil Sealy, research analyst, autoID and smart cards commented: "There is quite a buzz around contactless payment capabilities. There is a higher level of convenience for cardholders, with quicker transaction speeds and a reduction in time spent queuing. Giving banks the ability to add another payment application to their portfolios, the emergence of contactless technology is augmenting the overall trend from cash-based to cashless societies".

For the banks, the primary reason for EMV migration is that EMV provides a higher level of security over mag-stripe cards, thus preventing card fraud.

It has been found out that China has shown a great interest in the smart card market. China alone has 2.3 billion payment cards currently in circulation, all of which will need to be replaced by smart cards in China's effort to undergo a complete transition to smart cards by 2015.

However, although smart card growth is expected to accelerate rapidly, magnetic-stripe cards are not disappearing any time soon.

ACI Worldwide Proposes to Acquire S1 Corporation

ACI Worldwide, Inc announced yesterday that it has proposed to acquire all of the outstanding shares of S1 Corporation for per share consideration of $9.50 in a cash and stock transaction valued at approximately $540 million.

ACI's proposal represents a 33% premium to S1's market price on July 25, 2011, the last trading day prior to this announcement. Upon completion of the transaction, and based on the most recent closing price of ACI's common stock, S1 shareholders would own approximately 15% of the combined company and ACI shareholders would own approximately 85% on a fully diluted basis. ACI has secured committed financing from Wells Fargo Bank, N.A. for the cash portion of the transaction. It is anticipated that the proposed transaction could close as early as the fourth quarter.

"We believe a combination with S1 would provide ACI with enhanced scale, breadth and additional capabilities to compete more effectively and profitably in the global marketplace," continued Mr. Heasley. "ACI and S1 have complementary products and customer bases, and together would better serve the entire spectrum of financial institutions, processors and retailers. The transaction is also expected to create significant financial benefits, including considerable cost savings and cross-selling opportunities beyond what either company could achieve on its own."

"We are confident S1 shareholders will share our strong belief that ACI's premium proposal is superior to and provides S1 shareholders with significantly greater value than the pending transaction with Fundtech. We expect S1's Board to recognize the considerable financial and strategic benefits to S1 and its shareholders inherent in a combined ACI-S1, and ACI is ready and willing to complete this transaction and we are prepared to do what is necessary to make that happen," added Mr. Heasley.

BNP Paribas and Orange to Issue First Entirely Mobile Banking Offer in France

BNP Paribas and Orange have signed a historic deal to offer French residents its first entirely mobile banking system. Starting in November 2011, BNP Paribas customer advisors will be able to offer mobile banking services in all 2,250 branches (also available through internet banking as well).

French customers will be able to access the most innovative m-banking and m-payment services to manage their accounts and make payments using their mobile phones. The aim is to offer thousands of BNP Paribas customers with smartphones over a three-year period to combine the very best mobile services and banking services.

Orange wants to combine partner services, with it mobile telephone offers. This partnership is in line with Orange's ambition to develop new innovative services. Francois Villeroy de Galhau, Head of Retail Banking in France, said: "Thanks to this partnership we are promoting new uses and we are creating a new way of managing bank transactions. Orange's expertise means that we can offer all our customers mobile banking and as a result of this inclusive and innovative offer, BNP Paribas has now become the first mobile bank in France".

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