NY-based Boloro, a specialist in multifactor mobile authentication technology on a mobile payment platform, has launched the first in a series of new, global products in South Africa to help eliminate fraud.
Boloro’s Debit Authentication System puts security in the hands of each user, because only the user has its mobile handset and only the user knows its PIN, which must be entered on its phone to authenticate a transaction. It is also seamless and a cost-effective way to eliminate fraud, and it does not require a smartphone, app or Internet access.,
According to an article in Fin24, South African banks collectively process more than 56 million debit orders a month. Fin24 reported that about 800,000 debits are disputed every month. It is up to bank account holders to identify and reverse false debit orders with their bank, which is a stressful and time-consuming process for customers.
During the course of 2017 and 2018, all banks in South Africa will require debit orders to be authorized by consumers before being processed by banks.
The Boloro Authentication System is a real-time solution, communicating with customers through special, secure messaging over the Mobile Operator’s SS7 connectivity. The system runs on Boloro’s patented, device agnostic, multifactor authentication and payment service platform, which makes payments and other transactions secure, immediate, user-friendly and fraud-free without disclosing any private information outside of the Issuer’s domain.
As mobile payments and on-line transactions continue to become more prevalent, the need to ensure that transactions are authenticated before they are processed continues to grow as well.
Boloro is actively licensing its technology in South Africa and other markets worldwide in connection with a growing list of use cases, including authentication of credit and debit card transactions, especially card-not-present transactions, as well as mobile banking, electronic trading, mass transportation, content purchases and health care.
Boloro’s mobile payment system is also an ideal way to replace cash, and works on any mobile phone,.
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