Amidst the conveniences offered by mobile commerce, questions arise surrounding the pillars of security and accountability. How can we ensure our transactions are safe? More importantly, in an era where digital impersonation and fraud loom large, how can we be certain that the person on the other side of that transaction is genuinely who they claim to be?
Issues Threatening Mobile Commerce
Before delving into the solution, let’s quickly address the crux of the matter. With burgeoning mobile commerce, businesses and financial institutions alike grapple with four core challenges:
- Ensuring the authenticity of the individual initiating the transaction.
- Detecting and preventing fraud before the transaction is committed
- Balancing the level of security applied vs. ease of use
- Creating an indisputable digital record of the transaction for legal, audit, and compliance purposes.
Phishing schemes, data breaches, identity theft, card-not-present fraud, chargeback fraud, and friendly fraud are just a few of the myriad of threats that businesses and financial institutions face daily. With the surge in online shopping and the proliferation of mobile payment platforms, there’s a heightened urgency to address these challenges. The very fabric of trust, crucial for the seamless functioning of mobile commerce, is at stake. Ensuring robust security measures, advancing cyber literacy, and fostering collaborative approaches to combat fraud are no longer options but imperative necessities in this interconnected commerce ecosystem.
Securing access to mobile commerce and payment applications is critical. However, many service providers have rushed to gain market share at any cost, focusing on ease of use at the expense of fraud, relying on poor and weak authentication methods. Worse, many providers rely on weak federated security models, preferring to outsource their user authentication to third parties/devices in the mistaken belief that such a strategy is more effective than owning the process themselves. In reality, these enterprises place their reputations, and their business, completely at the mercy of third parties, many of whom are not even security literate in terms of sophisticated fraud.
Further, the hacker landscape changed overnight with the advent of Lapsus$ and socially engineered attacks. Without trusted identity assurance, the authentication process is at risk, and the consequences can be dire.
Revolutionary Trusted Identity Assurance ™
ValidSoft’s API-driven Trusted Identity Assurance™ solution has been engineered to address these pain points head-on. Our patented See-Say® solution seamlessly blends voice biometric authentication with cryptographically generated numeric digits. These digits are uniquely derived from the values of the transaction or other privileged access request, providing a mathematically precise security solution to a non-repudiation level, yet is easier and faster to use than retrieving an OTP from a messaging app, memorizing it, and typing it in. There’s no point in stealing the OTP, as it’s useless unless spoken by the genuine customer.
So, what does this mean for you?
It signifies the birth of Trusted Identity Assurance™—an unassailable record that unequivocally establishes the true identity of the individual behind any access request. In layman’s terms, it’s like having a foolproof digital signature for every transaction.
Unique Features of See-Say® in Mobile Commerce
Imagine initiating a high-value transaction via your mobile. With ValidSoft’s See-Say® solution, users would be prompted to voice-authenticate their identity. This is not just any speech recognition; it’s biometric authentication, unique only to the person speaking and protected against generative AI deepfake audio attacks, as ValidSoft leads the world in terms of speech science and the art of detecting and preventing deepfake audio.
Users want an easy-to-use, secure, password-free authentication access, and businesses want a cost-effective, secure, accountable, and accurate workforce or consumer authentication process compliant with privacy laws.
See-Say® Trusted Identity combines voice biometric authentication and NIST-certified cryptographic models to generate a proprietary numeric-digit OTP irrevocably linked to the mobile commerce transaction/payment – i.e. an irrevocable record of the identity of the individual performing the legitimate access request. Key features are:
• Irrevocable Transaction and Identity Assured
• Frictionless Experience
• Secure User and Access/Transaction Workflow
Why is this important?
Security: In a world where cyber threats are omnipresent, relying solely on passwords or PINs is akin to having a paper shield. Voice biometrics, coupled with cryptographic digits, provides a level of security that’s leagues ahead.
Non-Repudiation: Non-repudiation ensures that parties involved in a transaction cannot deny having participated. ValidSoft’s solution guarantees this, ensuring that businesses and users can engage in mobile commerce with newfound confidence and uniquely addressing the plague of chargeback fraud and other types of ‘friendly’ fraud.
Convenience: Forget having to remember complex passwords. Your voice is your payment card, and it’s with you at all times.
ValidSoft’s Vision for a Secure Digital Future
ValidSoft has always been at the vanguard of innovative security solutions. Our commitment is to a safer, more trustworthy digital world. With the introduction of See-Say® and the broader API-driven mobile commerce suite, we’re taking a monumental stride in transforming mobile commerce’s security terrain.
Our solutions work in the Private/Public Cloud, SaaS, Hosted, On-premise, On-device (SDK, microSDK), and On-chip. They are true Omni-Channel with no loss of performance. ValidSoft’s VIP™ technology differentiates itself on five strategic pillars;
- Precision & Accuracy (Security),
- Non-repudiation, Irrevocability & Data Immutability (Cryptography),
- Data Privacy & Protection (Integrity),
- User Experience & Ease of Use (Usability) and
- Consistent Cross Channel Experience and future-proofing (Omnichannel).
Providing a highly secure and seamless customer experience is integral to the companies we work with. Our solutions allow organizations to enhance their customer security on their chosen channels, safe in the knowledge that we can extend that seamless customer experience into a single omnichannel solution that provides simple, secure, and state-of-the-art protection and identity assurance for their customers.
In conclusion, as mobile commerce continues to flourish and evolve, it’s imperative for businesses and consumers to adopt cutting-edge security solutions. With ValidSoft’s pioneering approach, we offer not just security but irrefutable assurance in every transaction.
