Banking & Financial Organisations and Regulated Entities
The problem
The financial services industry is facing significant security challenges, including unauthorised access to banking applications, identity fraud, and card cloning. Current methods, such as biometric authentication, can be bypassed, leaving users vulnerable to fraud. Additionally, issues like unauthorised smartphone access and SIM swap fraud further complicate security measures. The further pressure of regulation for refunds on push payment fraud amplifies the need for robust solutions.
IMPACT
These vulnerabilities not only threaten the financial security of users but also erode trust in regulated entities. The potential for out-of-jurisdiction fraud and unauthorised transactions can lead to significant financial losses and reputational damage for organisations.
SOLUTION
Introducing the RH SECURITY SDK, designed specifically for regulated entity applications from our Fintech partner Rewire Holdings. This innovative SDK can seamlessly integrate into existing user onboarding processes and enhance security measures for example but not limited to app login, payment transfers, and card activations. By replacing traditional 2FA codes with a secure notification system and rigorous RH SECURITY checks, the SDK ensures that only KYC approved account holders can authorise transactions
The benefits
The RH SECURITY SDK addresses key market issues by providing robust protection against:
– Unauthorised access from stolen or tampered smartphones
– Identity fraud and out-of-jurisdiction fraud
– Card cloning and payment fraud on POS and online transactions
– Enhanced user confidence and trust in regulated applications.
By implementing this SDK, organisations can significantly reduce the cost and risk of fraud and enhance the overall security of their applications.
Take your next step
To see a live demo and discuss integrating our cutting-edge technology into your regulated entity app get in touch below:
Offices
UK, South Africa, Portugal
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