SECURE DIGITAL PAYMENTS AND AUTHENTICATION PLATFORM
WINNING CUSTOMERS' DIGITAL TRUST IN THE FACELESS MARKETPLACE
Contactless payment popularity with consumers grew during the pandemic with internet shopping, in-app purchases and mobile wallets usage, prompting demand for virtual payment cards and the need for robust digital ID and MFA (2FA/OTP). However, incidence of fraud increased substantially, with the cards industry experiencing higher claims, as well as denials for virtual (card-not-present) transactions.
Financial Institutions and Fintech's perform Two-Factor Authentication (2FA) generating a 6-digit random number (OTP) and sending via SMS to the customer's mobile phone for verification. There are number of issues being faced both by sender and receiver with SMS delivery and OTP being compromised by scammers.
Fraudsters and scammers are constantly bombarding customers with various phishing methods to extract login credentials to access internet banking websites and portals. Whilst many known improvements have been adopted to avoid weak passwords however 'password fatigue” is main reason for breeches as it is humanly impossible to remember multiple complicated passwords.
17% of shoppers abandon online shopping carts due to lack of trust with the merchant. 30% of shoppers will abandon if they must re-enter card details. $18 billion loss in revenue each year for Ecommerce Stores because of cart abandonment.
The global virtual cards market size is expected to reach USD 13.31 billion in 2022. The key factors driving the virtual card market include increasing demand for digital transactions and with that additional layer of security to prevent credential stuffing.
Cyberbeat gives an assurance to the cardholder that their card will not be compromised while using it for card not present transaction and no records of the card information will be available on the device.
Cyberbeat empowers customers to securely generate offline dynamic virtual OTPs, Go Paswordless and Secure payments via Virtual cards right from their devices.
Enhancing Customer experience
with
- Pay with Confidence
- Empowering instant card token and OTP
- Transact Securely from their devices
- Go Passwordless
- Building Digital Trust
The Advantage
- SaaS based digital payment processing with secure ID and authentication solution available on AWS cloud
- Enhanced tokenization with VkenPay© during payment acceptance ensure that the customers’ credentials stand protected during payment transaction flow providing Positive ID to the Card Issuer
- Smartphone/device APP based solution ensure customer convenience and digital trust that does not require host or network connectivity to generate virtual card tokens and OTP.
- Simple yet secure customer on-boarding, registration and activation Process ensures convenience and protection with no customer or organisation data stored on the APP
- Dynamic, time destructive and contactless Virtual card token or OTP is obtained instantly by customer for use anytime, anywhere, anyplace and ensures 100% authentication
- Patented unique devices specific algorithms to generate dynamic Card Token and OTP ensures user is protected always
- 2FA PIN to generate OTP or dynamic Card Token not stored on the phone hence cannot be retrieved by hackers as too many pre-set attempts will self-destruct the algorithm from the devices
- Easy, Quick & Seamless integration with your existing systems and payment rails
- Reduces Transaction Processing time by 40%
- Reduces SMS based OTP costs by 20%
- 100% compliance to company's password policy
- GDPR & PCI PA- DSS Compliant
Digital Trust
and
Secure
Payments Solution
VkenPay©
Cyberbeat's VkenPay© service enables Issuers (banks and Fintechs) to equips business or individual cardholders to securely generate Dynamic Virtual for single payment for online purchases or recurring payments for Online subscription, in-app purchases, wallet as well as facilitating crypto and web 3 payments. Payment authorisation by the Card Issuer will be performed on their original cards or accounts without the need to change existing payment authorisation rails.
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Vken2FA©
Cyberbeat's Vken2FA© service allows organizations to enable their customers to securely generate instant offline Virtual Dynamic OTP for 2FA verification for all of their products and services from a single APP.
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VkenSign-in©
VkenSign-in© is a contactless, easy-to-use, safe and secure identification and authentication solution that uniquely identifies and authenticates the user, ensuring identity protection and security and provides the users the option to generate password at will, instead of remembering, it will ensure that there are no weak passwords in the system, thus eliminating this vulnerability. It lets users to access their account without revealing their actual credentials thus avoiding Account Takeover crimes
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Services
Issuer
Services
VkenPay© and VkenCredence©, Credit Cards, Prepaid Cards, Debit Cards, Virtual Cards
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Contactless
Payments
NFC, E-Wallets, QR Code, Tap & Go
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Acquirer &
Merchant Services
Merchant Management, POS/mPOS Acquiring, Merchant Loyalty, Merchant Portal…
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Secure Authentication Services (Tokenization)
Digital ID's that are dynamic, contactless and can be generated offline …
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E-Commerce
Services
E-Commerce Acquiring, 3D Secure, BNPL, Loyalty
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Advanced & Future-Proof Technologies
Digital Onboarding & E-KYC, Deep Analytical Services, Real-time Fraud Preven...
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Feel free to contact us in any convenient way to learn more about our solutions & services and request a consultation. Our managers will gladly answer any of your questions……
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