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.
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.
Legion gets a pro makeover
Lenovo’s latest Legion gaming laptop, the Y530, pulls out all the stops to deliver a sleek looking computer at a lower price point, writes BRYAN TURNER
Gaming laptops have become synonymous with thick bodies, loud fans, and rainbow lights. Lenovo’s latest gaming laptop is here to change that.
The unit we reviewed housed an Intel Core i7-8750H, with an Nvidia GeForce GTX 1060 GPU. It featured dual storage, one bay fitted with a Samsung 256GB NVMe SSD and the other with a 1TB HDD.
The latest addition to the Legion lineup has become far more professional-looking, compared to the previous generation Y520. This trend is becoming more prevalent in the gaming laptop market and appeals to those who want to use a single device for work and play. Instead of sporting flashy colours, Lenovo has opted for an all-black computer body and a monochromatic, white light scheme.
The laptop features an all-metal body with sharp edges and comes in at just under 24mm thick. Lenovo opted to make the Y530’s screen lid a little shorter than the bottom half of the laptop, which allowed for more goodies to be packed in the unit while still keeping it thin. The lid of the laptop features Legion branding that’s subtly engraved in the metal and aligned to the side. It also features a white light in the O of Legion that glows when the computer is in use.
The extra bit of the laptop body facilitates better cooling. Lenovo has upgraded its Legion fan system from the previous generation. For passive cooling, a type of cooling that relies on the body’s build instead of the fans, it handles regular office use without starting up the fans. A gaming laptop with good passive cooling is rare to find and Lenovo has shown that it can be achieved with a good build.
The internal fans start when gaming, as one would expect. They are about as loud as other gaming laptops, but this won’t be a problem for gamers who use headsets.
Click here to read about the screen quality, and how it performs in-game.
Serious about security? Time to talk ISO 20000
By EDWARD CARBUTT, executive director at Marval Africa
The looming Protection of Personal Information (PoPI) Act in South Africa and the introduction of the General Data Protection Regulation (GDPR) in the European Union (EU) have brought information security to the fore for many organisations. This in addition to the ISO 27001 standard that needs to be adhered to in order to assist the protection of information has caused organisations to scramble and ensure their information security measures are in line with regulatory requirements.
However, few businesses know or realise that if they are already ISO 20000 certified and follow Information Technology Infrastructure Library’s (ITIL) best practices they are effectively positioning themselves with other regulatory standards such as ISO 27001. In doing so, organisations are able to decrease the effort and time taken to adhere to the policies of this security standard.
ISO 20000, ITSM and ITIL – Where does ISO 27001 fit in?
ISO 20000 is the international standard for IT service management (ITSM) and reflects a business’s ability to adhere to best practice guidelines contained within the ITIL frameworks.
ISO 20000 is process-based, it tackles many of the same topics as ISO 27001, such as incident management, problem management, change control and risk management. It’s therefore clear that if security forms part of ITSM’s outcomes, it should already be taken care of… So, why aren’t more businesses looking towards ISO 20000 to assist them in becoming ISO 27001 compliant?
The link to information security compliance
Information security management is a process that runs across the ITIL service life cycle interacting with all other processes in the framework. It is one of the key aspects of the ‘warranty of the service’, managed within the Service Level Agreement (SLA). The focus is ensuring that the quality of services produces the desired business value.
So, how are these standards different?
Even though ISO 20000 and ISO 27001 have many similarities and elements in common, there are still many differences. Organisations should take cognisance that ISO 20000 considers risk as one of the building elements of ITSM, but the standard is still service-based. Conversely, ISO 27001 is completely risk management-based and has risk management at its foundation whereas ISO 20000 encompasses much more
Why ISO 20000?
Organisations should ask themselves how they will derive value from ISO 20000. In Short, the ISO 20000 certification gives ITIL ‘teeth’. ITIL is not prescriptive, it is difficult to maintain momentum without adequate governance controls, however – ISO 20000 is. ITIL does not insist on continual service improvement – ISO 20000 does. In addition, ITIL does not insist on evidence to prove quality and progress – ISO 20000 does. ITIL is not being demanded by business – governance controls, auditability & agility are. This certification verifies an organisation’s ability to deliver ITSM within ITIL standards.
Ensuring ISO 20000 compliance provides peace of mind and shortens the journey to achieving other certifications, such as ISO 27001 compliance.