|By Business Wire||
|April 29, 2014 10:01 AM EDT||
Encap Security, the first and only in-app, banking-grade authentication solution specialist, will address the rise in card-not-present (CNP) attacks and a customer-centric approach to eliminating it in two upcoming events: FinovateSpring on April 30 and CNP Fraud: Preparing for the Post-EMV Spike Webinar with co-host Julie Conroy, Research Director of Retail Banking Aite Group, on May 7.
For years, EMV has been hailed as the hopeful savior to a U.S. card industry suffering $11.27 billion in fraud losses. As millions of credit identities flood the underweb as a result of recent attacks, U.S. credit card issuers, merchants and banks once again move to adopt EMV cards. However in Europe, online fraud doubled after EMV adoption as attacks against the plastic card shifted to CNP. The lesson learned: fraud does not simply disappear; it just moves to another channel – one where it is even easier to commit fraudulent transactions.
“The number spent on fraud prevention is $6.47 billion, and that’s just to lose $11.27 billion. How can that even be justified? We’re clearly not protecting the right thing in the right way. Time to think outside of the ‘authentication box’,” said Adam Dolby, Vice President of Business Development at Encap Security. “We need to stop thinking about security from a product perspective and focus on the customer. Say goodbye to inconvenient solutions that don’t solve the real problem – all the touch points where fraud can happen. Time for an approach that protects each and every access points in customer relationships – from logins to call centers to all types of transactions.”
“The bad guys are going to get in. Attackers will always find a way in where there’s enough reward. If we only react when there’s a breach, rather than stop them before it starts, we’re giving away the upper hand,” said Conroy. “Effective, successful protection requires scalable, nimble solutions that provide layered strategies, seamless consumer experience across all channels and well-designed feedback loop that adjusts and scales with breaches over time. Fraud prevention is a journey not a destination.”
Hear more on this topic at upcoming events:
- What: Adam Dolby, Encap Security, will demonstrate the ‘Smarter Authentication’ solution that combats CNP by asking the one and only needed question “do you want to make this transaction?”
- When: Wednesday, April 30 at 1:24 p.m. PDT (session #7). Attendees may stop by the Encap booth throughout the day from 7 a.m. – 6 p.m. PDT for more insight and personal demos.
Webinar: CNP Fraud: Preparing for the Post-EMV Spike
- What: Dolby will co-host a CNP fraud webinar with Aite Group’s Julie Conroy. The webinar will explore the current threat environment including an analysis of recent breaches, preparing for CNP attacks that are often left under or completely unprotected and how fraud and costs can be reduced without sacrificing convenience and security for anyone.
- When: Wednesday, May 7 at Noon CDT
- Registration: Free and open to all at http://bit.ly/CNPwebinar.
About Encap Security
Encap Security is the only dedicated software-based banking-grade authentication platform provider. It offers simple multi-factor authentication and digital signing for the banking and enterprise sectors. Encap turns any personal device into a security credential removing the need for cumbersome and costly SMS codes and hardware such as tokens and SIM-cards. Encap Security makes the step from username and password to convenient multi-factor security hassle-free. Encap Security makes authentication simple for users, and enables innovation, reduces risk and drives service adoption for organisations. Based in Oslo, Norway, and Palo Alto, USA, Encap Security’s world class management team has an unrivalled pedigree in mobile banking, finance, enterprise and remote access security. The patented Encap Security Smarter Authentication solution is used by major banking institutions, enterprises and technology integrators.
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