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SECURITY OF DIGITAL PAYMENTS

ARCHANGEL from PT SYDECO

LexisNexis Risk Solutions has just published its study on cybercrime in the year 2022 pointing to a 20% annual increase in the rate of digital attacks worldwide with significant peaks in Asia-Pacific, Latin America and North America at the end of the year.

The study, which is based on the analysis of 79.8 billion transactions, highlights that alternative payment methods, such as digital wallets, QR code payments and person-to-person transfers, continue to grow in popularity, particularly in the Asia-Pacific region with a 50% year-on-year increase in the region's payment attack rate.

The implication, according to Stephen Topliss, Vice President of Fraud and Identity Strategy, is that "multi-factor authentication alone as a defence is inadequate in today's digital world. Organisations, industries and countries need to collaborate and identify the interconnected signals of complex fraud attacks, as criminal networks working in a structured manner are here to stay. To combat the latest scams, targeted machine learning models that can exploit the latest digital intelligence, behavioural biometric signals and mule account indicators are needed."

While Stephen Topliss' recommendations make sense for institutional and professional players in the sector who need to protect their servers and the tools they make available to their customers, they do not make sense for users of digital payment tools, most of whom are just ordinary people.

Take for example the case of the QR Code, whose content, which cannot be read by any human, can only be revealed after scanning the image.

The information encoded in the QR Code may contain a link to a malicious file, a suspicious application or a disreputable App Store, or information leading to questionable wireless access points (WLAN).

And if the QR code is dynamic, it is no longer possible to predict which pages it links to.

Stephen Topliss' recommendations will not allow a user of the QR Code as a means of payment to avoid becoming a victim of fraud by using a malicious QR Code.

Stephen Topliss' recommendations will not allow a user of the QR Code, as a means of payment, to avoid becoming a victim of a fraud that would use a malicious QR Code.

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SSP's Servers are protected by ARCHANGEL©, Firewall of Next Generation


On the other hand, a two-factor authentication will be the best protection of the user provided that the two factors are decoupled, i.e. they do not use the same material support or that they do not use the same path as it is the case in SSP©, (Secure System of Payment) created by PT SYDECO, a secure mobile payment system using NFC or QR Code as a means of connection and which connects the user's mobile phone or card to the server using two different communication channels and two different supports.

Two-factor authentication therefore still has a definite future, at least as long as digital payments do not evolve to become quantum payments or give way to barter.

#cybersecurity #payment #Authentication #Banks #Finances #firewall #Indonesia #AsiaPacific #QRCode #NFC

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