Tech companies aim to improve consumer transaction protection
Fear of data breaches at major retail outlets has bolstered demand for advanced information protection frameworks for POS systems.
A number of tech organizations are working to satisfy this need, with some employing new hardware configurations while others are leveraging strategic partnerships. While the environment may be diverse the goal remains the same: protect financial transactions.
Collaborating in the name of defense
Retail Customer Experience noted that Feedzai and Encap Security are working together to enhance each others' signature platforms. While the latter company specializes in mobile authentication, the former uses data analytics and behavioral profiling to detect and prevent fraud. The accord was created to make Feedzai's fraud deterrent platform cohesive with Encap Security's authentication program.
"Consumers are using more devices to conduct financial transactions, and at the same time, are demanding more protection but with less intrusion into their commerce journey," said Feedzai CEO Nuno Sebastiao, according to the source. "Adding smart authentication and artificially intelligent risk engines on the back end offers safety without being obtrusive and penalizing good consumers."
As Sebastiao noted, shoppers are purchasing goods from a wide variety of devices at incremental parts of the day, often on unprotected networks. Collaboration between Feedzai and Encap is keeping this level of convenience in mind by placing much of the authentication responsibilities in back-end platforms, providing consumers with a quick but safe way to buy products. It's a principle that Encap Security VP of Business Development Adam Dolby cited as a chief concern of his and Sebastiao's organizations.
No device left behind
In a move that may surprise some companies, chip producer Intel recently launched a system capable of providing endpoint encryption of financial information, which can be built into POS software. Infotech Lead noted the solution reduces the amount risk involved with transporting data from POS devices to data centers hosting servers on which authorization programs are running.
How does it work? It implements a protected pathway among the transaction endpoint, POS platform and server network whenever a purchase is initiated. While compatible with debit and credit cards using magnetic stripes, the technology also works with EMV and near field communication transaction readers such as Google Wallet, Softcard and Apple Pay. All in all, Intel Data Protection Technology for Transactions is cohesive with all retail POS platforms running off select Intel processors.
These efforts are conducive to helping merchants bolster their security credentials.
