Computer Security Day 2014: Mobile payment security and tokenization
In light of Computer Security Day on 30 November, security experts Omlis and Orion Software and Services claim that heightened security is necessary for mobile devices. With 6 out of the world’s total 7 billion people using mobile phones, and about one-third of cyber-attacks involving a mobile device, mobile security has gained the highest priority position, with mobile payment encryption requiring a unique, advanced approach for securing consumer data.
One out of every six smartphone users has been subject to a cyber-attack, according to a recent report from Experian. These users may or may not have realized that they’ve fallen for a phishing scam, had their personal data taken to use offline or had an account hijacked.
With Gartner forecasting that 448 million global users will use their mobile phones for transactions by 2016, a need for mobile phone security is imminent, with increased adoption rates indicating the urgent demand for mobile payment security.
“The quickly increasing demand for mobile banking has created a massive opportunity for cyber criminals, leaving consumer information and businesses vulnerable to attack,” said Simon Cairns, Director of Orion Software and Services, a leading cyber-security expert in the UK. “As adoption of mobile finance technologies escalates, security issues are coming to light. Omlis mobile payment encryption provides the first proven solution to mobile fraud, eliminating the risk of data breaches and ensuring unbreakable protection for mobile devices.”
Omlis mobile payment security includes advanced security technology and is the first and only solution that powers mobile transactions using high-integrity development processes.
“This is the first mobile payment solution that utilises a high-integrity security model based on the same technology used for security-critical situations like air traffic control, nuclear defense, and avionics. The solution is proven with a C-by-C (correctness by construction) methodology which ensures that any payment will be protected against a huge range of potential attacks, and proves that the Omlis security solution will work over the long-term,” said Matt Banham, Chief Technology Officer of Omlis. “With the first solution designed specifically for mobile payment security, we decided to use a novel method of tokenization to provide the ultimate security for mobile payments.”
Tokenization enables payments on mobile phones through allowing secure transactions, and powers mobile payment technologies like ApplePay. Omlis uses a unique tokenization process to enable secure payments on mobile devices. In basic terms, tokenization is the secure process of encrypting credit card information by generating a ‘token’ that replaces a cardholders’ credit or debit card PAN (personal account number) within a digital transaction, providing enhanced fraud prevention for online and mobile payments.
“Omlis offer a highly differentiated proposition to the market and their unique approach to ensuring the uncompromised safety of sensitive information is why they are a leading vision in their industry and our proud partners,” said Cairns.
Secure mobile payment solutions provider Omlis recently signed a strategic 5 year Distribution Agreement with the market-leading technology distributor Orion Software and Services. Based upon Orion’s in-depth cryptographic and security expertise, market awareness and credibility, the Omlis partnership delivers completely secure, trusted mobile payment encryption technology to financial institutions and payment service providers.
About Orion Software and Services – Orion provides market-leading IT solutions to organizations to improve security using world class innovations in fraud prevention. Through implementing anti-hacking protocols, implementing training programs and identity theft education, Orion has built a formidable reputation as a leading supplier of fraud prevention technologies and services throughout the UK and EMEA region.
About Omlis - Omlis is the leading global secure mobile payment solutions provider bringing the most trusted mobile payment security to financial institutions, payment service providers, and to all of mobile commerce. In partnership with Orion SaS, Stratus Technologies, and Seric Systems, and as a recognized security software vendor in the IBM Marketplace, Omlis provides completely secure, unique and uncompromised technology with 100% fault-tolerant tracking of all payments in real-time for full transaction accountability.
Visit http://www.omlis.com/omlis-technology to learn more about Omlis payment technology and take advantage of the most secure mobile payment solution.
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This was posted in Bdaily's Members' News section by Emma Thompson .