12 December 2017
visit www.solutions.lexisnexis.com

Telsecure launches securePay m-payments system in UK

22 May 2007  |  7533 views  |  0 mobile keypad

Following four years of research and development, UK mobile payments start-up Telsecure is launching its securePay front-end payments system that is designed to protect customers from card-not-present (CNP) fraud.

Telsecure said in 2003 that it was teaming with business and technology consultancy Generics Group to develop the mobile authentication system, which uses a cardholder's mobile hand set to verify and authenticate transactions made via the Internet, mail and telephone.

Card issuers are able to connect directly to securePay's servers and request authentication using a PIN or password from the cardholder via their mobile. This is then securely transmitted and compared with the issuers database.

Telsecure says SecurePay emulates chip and PIN levels of security in the CNP area. According to stats from UK payments association Apacs, CNP fraud losses increased by 16% in 2006 and now account for just under 50% of all card fraud losses.

The product is compliant with industry standards and protocols such as PCI and securePay will work with all 730 global mobile communications network providers, says Telsecure. The certification of securePay is performed by Sagentia, UK. Mobile connectivity is available globally through Sybase365 and eftpos vendor Ingenico.

Lars Wallin, director of Telsecure Group, says: "Our financial models show that the banks will achieve significant savings on the cost of administering fraudulent transactions by adopting the technology."

"In addition, securePay can be adopted by banks for substantially less than alternatives now under consideration such as card readers, adds Wallin.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK online banking crime rises as card and cheque fraud falls

UK online banking crime rises as card and cheque fraud falls

14 March 2007  |  13562 views  |  0 comments
UK banks prepare to test online shopping authentication system

UK banks prepare to test online shopping authentication system

07 November 2006  |  10163 views  |  0 comments
UK phishing fraud losses double

UK phishing fraud losses double

07 March 2006  |  29556 views  |  0 comments | 1 tweets | 2 linkedin
Card fraudsters target the Web

Card fraudsters target the Web

08 November 2005  |  7983 views  |  0 comments
Jump in CNP fraud since chip and PIN roll out

Jump in CNP fraud since chip and PIN roll out

07 February 2005  |  9251 views  |  0 comments
UK card fraud dips but CNP continues to rise

UK card fraud dips but CNP continues to rise

08 March 2004  |  5732 views  |  0 comments
Telsecure teams with Generic group for m-payments system

Telsecure teams with Generic group for m-payments system

04 August 2003  |  3046 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.response.ncr.comvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18955 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11739 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8525 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7021 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6534 views comments | 19 tweets | 11 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job