Authentication & Security

Can technology advancements secure payments over mPOS?

MEDICIFounder and Chief Strategy & Innovation Officer

One of the obstacles which is hindering payments through the mobile devices is the fear of payments being less secure over the phone. The technology in the mobile payment space has advanced to counter this fear and make payments over your smartphone secure. There has been advancement in technology linking to the mobile payments system, right from the Operating System, developer tools and 3rd party applications.

Top 3 technology based advancements which have made the mobile transactions secure are:

  1. Electronic Signature Technologies – Forgers are facing a tough time in forging electronic signatures sent over smartphones. The signatures sent are cross-referenced with a huge database of signatures and are graded based on its authenticity.  Electronic signatures are sent via SSL & are usually encrypted with 128-bit encryption to ensure safety and authenticity. Companies such as Silanis, Topaz Systems, ETSI, Esigtek, etc. offer electronic signature technologies.
  2. Fraud detection suites –Fraud detection suites are on the rise to prevent identity thefts.  Transactions over mobile are secured by having number of back-up layers to prevent identity theft. Transactions made over an authenticated smartphone go through without any fuss. When the identity of a user is compromised the fraud detection suite routes any transactions based requests for additional verification and the transactions are put on hold or are suspended. Companies such as CSC, Authorize.net, etc. offer fraud detection suites.
  3. Secure e-Receipts – In the past, traditional e-Receipts could be forged or duplicated and were used to accept goods or services. These days’ e-Receipts are attached with QR codes. Merchants find it easy and secure to scan the QR codes at the POS terminals and authenticate transactions.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”