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Combating financial payment fraud using EFT

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Security features like the hologram, PIN and magnetic strip have all evolved over the course of 30 years to make transacting in the real world safer, but credit card security has not progressed sufficiently for secure online purchasing, writes THOMAS PAYS, CEO and co-founder of i-Pay.

It is strange to think that one of the most used methods of transacting online – through a credit card – is actually not designed for the purpose. Security features such as the hologram, PIN and magnetic strip have all evolved over the course of 30 years to make transacting in the real world safer, but credit card security has not progressed sufficiently for secure online purchasing.

A solution to combatting fraud more successfully in the payment industry is at hand: EFT (electronic funds transfer). From day one, EFT was created to assist with the secure electronic transfer of funds – it is even in the name.

The fact that the i-Pay gateway allows payment using the banks’ own security measures, permits it to be extremely safe, and crucially, fraud free. Since the gateway’s launch in 2013, not a single transaction has been fraudulent, and this from a company who is looking to process R100 million worth of transactions during December 2016 alone.

Combatting fraud

Apart from combating credit card fraud by offering an alternative payment method, the i-Pay gateway offers companies further ways to combat other types of scams. To illustrate the point:

  • Fraudsters who illegally photoshopped their banking details onto ratepayers’ bills. Unsuspectingly, money was paid into the fraudsters’ account, leaving both the municipality and the ratepayers out of pocket.
  • One of the largest property management companies in South Africa which collected rent on behalf of clients. The company was hit by fraudsters who sent out false invoices to clients, notifying them to pay in advance since the company’s banking details have changed, of course with the false details included. Before the fraud was picked up on, millions of rands were already deposited in the wrong bank account, leading to the collapse of the company.

Not your regular EFT

With an EFT system such i-Pay in place, this type of fraud can be eliminated, since the beneficiary of the payment has a specific bank account connected to the i-Pay gateway. The payment link sent to clients can only be generated through i-Pay itself, and EFT payments can only proceed through the i-Pay linked account of the business. Customers can pay merchants by following an i-Pay link sent via email, SMS or QR code, with payment taking place via the costumer’s smartphone or desktop browser.

Being a newer entry to the marketplace, it is understandable that customers might have questions regarding the security of the i-Pay system. Pays is quick to point out that the company meets all the international standards when it comes to payment security and encryption standards. Included here is the essential Payment Card Industry Data Security Standard (PCI DSS) certification, a global standard that banks and companies such as PayPal adheres to. i-Pay is also working closely with the four major banks in South Africa to establish a regulated environment around EFT payments.

The cost of fraud?

While there are costs involved for companies that would like to receive money through the i-Pay gateway, the transaction fees are far less than via credit card, with no hidden payments to banks. So as with any good business, the benefits of using the gateway far outweighs the cost.

Apart from saving on salaries since i-Pay automatically takes care of reconciliation, the important fact to remember is nothing related to fraud will ever happen to your company through the i-Pay gateway. What is that type of peace of mind actually worth? Indeed, with hundreds of customers already signed up to i-Pay, subjected to zero fraud as far as transactions processed is concerned, the value of this payment gateway is speaking for itself.

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Welcome to world of 2099

The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.

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Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.

This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.

Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.

As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.

“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”

The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.

“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”

Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.

  •    Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube

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Street art goes electric

Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.

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The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.

The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.

D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.

D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.

“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”

As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.

Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”

Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”

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