Companies offering payment methods are key targets for hackers and malicious individuals who will try to access the systems to make transactions in their favor or attempt to launder money through identity theft or fraudulent operations.
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Biocryptology helps Payment Methods companies to be compliance with the second Payment Services Directive.
If payment confirmation uses a biometric feature, there is no possibility for no one of denying that the payment has been ordered.
Preventing hacker attacks on transactions
One way to prevent hackers from generating false transactions in their favor, is for payment companies to verify that the transaction is being ordered by an authorized agent.
Biocryptology offers the safest and quickest solution for unequivocally identifying the person ordering a transaction. This prevents the risk that the transaction is being ordered by malicious code or as the result of stolen ID, and, obviously, saving the costs involved.
Authorising risky transactions
Most transactions carried out can be considered standard, but there are others that could be called risky transactions.
Biocryptology allows a fast and easy way for asking user to provide an additional authorization for transactions that matches certain criteria.
KYC / Preventing Money Laundering
Payment companies can be used by malicious people for money laundering.
In order to prevent such illegal activity, it is important to clearly identify the person doing the payment.
Registering an individual’s ID not only takes time, it also requires an agent capable of identifying forged identification documents from different countries.
The Verified Identification service offered by Biocryptology allows a customer of payment methods to identify themselves correctly.
Reducing cost of being GDPR compliance
Storing sensitive customer identification data is not cheap.
Biocryptology behaves like a GDPR data container, allowing Money Transfer companies to access their customers’ data anytime they want, but without the need for maintaining the costly IT infrastructure required for keeping such data safe and secure, as required by the GDPR.