In a recent study Complete Telecom and Cidway announced that Irish Banks, retailers and customers have lost about 12 million Euros per year from credit card fraud. Both companies believe that they must seek some type of new technology in order to put a stop to the entire credit card fraud market. Cidway has developed a few new technological basis for mobile phones. This new technology that they have discovered should make using the ATM and online banking more secure. It is related to mobile phones. The program is supposed to reduce fraud with Irish Banks and other businesses.
Cidway’s products have for the most part been implemented in banks across Europe and America. They are supposed to counter act any risk the consumer may have such as skimming, cloning, shoulder surfing, and phishing. Each one of these methods have been employed by fraudsters which has made it difficult for consumers to feel safe. Part of the technology is offering a unique one time pin or password to the consumer to use. This pin or password would be used on mobile phone based applications. Even if the pin or password were to become known by someone looking over their shoulder it wouldn’t matter because the pin would change before the fraudster could use it.
Other options come in the form of acoustic encryption in which the telephone banking system will be able to authenticated users. This works by offering a series of short burst in an encryption over a telephone line so that there wouldn’t be a need for pins, passwords, or access numbers that could fall into the wrong hands.
The research has been undertaken and is showing great results already according to the director of Complete Telecom. Many of the banks and other business in Ireland are beginning to guarantee customer safety. These security solutions are going to be available for any consumer to use and the best thing is a balance between security and easy use.
Complete Telecom knows how important it is to provide the best to consumers using banks. They want to be able to offer an even better system as they continue their research to find the best possible solutions to an on going problem. Even if they can’t eliminate the fraud they can make it a little safer for consumers to use their banking systems on mobile phones.
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