Tyfone CEO Addresses Security Concerns in Neach Payments Conference 2017 Keynote
Framingham, Massachusetts (PRWEB) June 01, 2017 -- New England bankers at the NEACH 2017 Payments Management Conference learned that the trend towards faster payments carries increased risk of security vulnerabilities and fraud in this year’s technology-focused keynote address. In his opening remarks at the Framingham event, Dr. Siva G. Narendra, CEO of Tyfone, offered insights on ways for financial institutions to provide the accelerated payments that customers demand without sacrificing security or convenience.
The onstage discussion between Dr. Narendra and NEACH CEO Sean Carter began by covering technology advances such as mobility, connected devices, Internet of Things (IoT) and the cloud, which have become essential tools to revolutionize convenient access to information and transactions in every industry. They agreed the convenience of the digital revolution brings with it significantly compromised security.
Carter said the resulting fraud and losses associated with digital transformation are approaching $2 trillion annually and continue to soar.
“I hear these concerns on a daily basis from bankers everywhere,” said Carter. “Our goal is to come up with industry-accepted solutions that give customers the speed and convenience they want, as well as trust and security they need.”
Narendra said the trend of faster payments is exposing vulnerabilities that make traditional security methods inadequate. The challenge is compounded by virtually every digital transaction relying on centrally stored authentication methods, which makes it easier for criminals to steal data.
“Security mechanisms that rely on centrally stored passwords are prone to hacking and bulk theft of sensitive data, with breaches often going unnoticed for months or years,” said Narendra. “Even biometric solutions such as Apple's TouchID simply map your fingerprint to your password, and therefore still rely on centrally stored passwords. Similarly, one-time passwords are also centrally stored and suffer the same vulnerabilities.
“Although analytics can be part of the answer, the digital threats they reveal are discovered after-the-fact which results in a solely reactive approach that is also accompanied by the burden of resolving too many false positives. To effectively combat fraud in a connected world, security solutions must also contain proactive capabilities.”
The remaining discussion emphasized proactive security mechanisms such as the widely-adopted smart card chips used in credit cards, which now have a global footprint for real-time payments. Card chips are recognized as the most effective way to enable a proactive security approach, because they store identities in a decentralized and unclonable way to protect physical point-of-sale transactions. However, they do not protect transactions or sensitive data via digital devices such as mobile phones, tablets or PCs. A growing number of technology companies, including Tyfone, are working to help the payments and financial services industries use smart-card chips to secure payments on any digital device not just on physical point-of-sale systems.
The session concluded with a discussion on blending of proactive and reactive security capabilities, cyber insurance and board-level oversight. Carter and Narendra discussed the importance of having all levels of security to provide security without compromising convenience — including passwords, one-time passwords, biometrics and other technologies such as digitally connected, chip-based smart cards. Slides from the presentation are available at tiny.cc/cyber2017
About Tyfone
Tyfone is securing the connected world as a leading provider of digital security solutions for identity and transactions. With over 140 issued or pending patents, Tyfone serves organizations in the financial services, government, infrastructure, transportation and healthcare industries, as well as solution providers for the Internet of Things (IoT). Tyfone was named a Top 10 Secure Digital Banking Provider by Banking CIO Outlook magazine from 2015-2017, and the company was ranked #1 in the Credit Union Mobile Satisfaction Survey by CU Collaborate. The company is based in Portland, Oregon, with operations in Bangalore, India.
About NEACH
NEACH is a non-profit regional payments association committed to educating our members to successfully originate and receive ACH transactions. Our staff of Accredited ACH Professionals provides the expertise, tools, and resources you need to navigate and utilize the ACH Network to increase revenue and enhance member services.
Siva Narendra, Tyfone, https://tyfone.com/, +1 5037047204, [email protected]
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