Retailer Target recently agreed to pay $18.5 million as part of a settlement with 47 states and the District of Columbia that stems from its 2013 data breach. The news is a stark reminder of how costly and prolonged the process of recovering from a breach can be, which is why security continues to be at the forefront of payments news with three companies making significant announcements this week.
Fiserv Inc., a financial services technology provider, has launched SecureNow, a centralized, real-time cybersecurity platform for digital financial services. SecureNow, which works across online, mobile and tablet channels, integrates a range of cybersecurity protections enabling financial institutions to detect fraud and combat threats in real time, without inconveniencing legitimate customers with a poor user experience, according to a May 23 Fiserv announcement.
SecureNow combines authentication defenses from Fiserv with threat detection and prevention capabilities from iovation, Guardian Analytics, Neustar and LexisNexis, including multifactor- and device-based authentication, along with behavioral analytics.
Meanwhile, a U.S.-based domestic and international top-five bank by total assets signed an agreement with Intellicheck to offer to its clients the ID authentication and fraud prevention company’s Retail ID products. Retail ID, Retail ID Mobile and Retail ID Online provide real-time ID authentication and fraud prevention at brick-and-mortar retail stores and during online transactions. The financial institution already has rolled out Intellicheck’s services to its first retailer, a large, nationally recognized furniture chain, according to a May 24 Intellicheck announcement.
“With consumer confidence rattled by ongoing incidents of identity theft and fraud, our state-of-the-art products are significant market differentiators that provide a safe, secure and regulatory-compliant competitive advantage for retailers, while addressing their increasing focus on risk management,” said Dr. William Roof, Intellicheck CEO.
In other security news, InAuth, a provider of mobile device authentication and intelligence solutions, has expanded into Asia-Pacific, one of the fastest-growing regions for mobile transactions, according to the company’s May 23 announcement.
“The Asia-Pacific region is experiencing explosive growth in mobile transactions across every sector, from financial institutions and payment processors, to e-commerce and m-commerce providers,” said Mark Dawes, InAuth general manager for the region. “Organizations must implement next-generation device intelligence solutions to combat fraud and reduce risk and exposure, as well as enable them to … fully leverage the mobile channel.”
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- Fraud Fighting Roundup: InComm, Tender Armor Pilot; Intellicheck Launches ‘Retail ID Online’