The world is moving faster − the payments world that is. The smartphone has revolutionised the way we live, the way we pay for things and the way we bank. The payments and banking industry has stepped up a gear and turned the process up a notch, making our
lives much more convenient. Banks are beginning to wake up to their customers’ 24/7 demands for banking services, but the reality is technology is already faster than the regulation that’s needed to safeguard the industry.
Today, money transfers can be done within minutes. This means, if a fraudster stole your bank details and used them, it may be too late for your bank to stop the transaction. With the rise of m-payments and m-banking, emphasis on real time fraud detection
has never been more important.
Even the
FSA has highlighted gaps in level of customer service. They’ve also said that banks need to upgrade their systems to allow for faster payments and they have correctly identified that new entrants may well start providing better customer service for payments
and banking than traditional players. So perhaps there is an opportunity to be had for the banks then as they upgrade their systems since they can adopt the latest multi-factor, multi-layer security architecture.
The evolution of security has progressed at such a pace that robust security does not have to compromise customer experience. Having a multi-layer approach to security that happens in real time can ensure a safe transaction, and although it sounds laborious,
it really isn’t. Some of these layers are invisible, capable of identifying that you are the real account holder, without you even realising. Using your smartphone and Proximity Correlation Logic, your bank can determine whether you are near the transaction,
increasing the chances that it really is you paying. Secondly, your phone will need to be registered with your bank, so they know that this particular handset is unique to you. Of course there are the physical layers too, such your one time password and using
your voice print to confirm a transaction. This process all happens in real-time and takes only seconds to complete. It ticks all the boxes for a fast, convenient and safe way to conduct faster payments.