Wave and Bell ID team up to reduce online payment fraud

Monday 4 August 2014 00:23 CET | News

Security vendor Wave Systems has partnerned chip lifecycle management solutions company Bell ID, to offer a joint solution aimed at reducing online payment fraud.

The solution will be marketed primarily to card issuing banks, as well as online merchants, governments, and enterprises worldwide.

Using Bell ID’s Trusted Service Manager and Secure Element in The Cloud (SEiTC) server, alongside Wave’s ERAS for TPM management and Wave’s endpoint identity and monitoring expertise, the combined offering provides protection for transactions and stored payments.

The incident rate of Card-Not-Present (CNP) fraud has been growing steadily over the past several years. According to a recent FICO Banking Analytics report, CNP fraud now accounts for close to half of all credit card fraud.

In the US, CNP fraud is expected to rise significantly during 2014-2015, as the EMV standard is put into effect. The EMV directive, which implements a global standard for a secure chip-based payment application, will make merchants liable for any fraud resulting from transactions on systems that are not EMV-capable.

Wave Systems leverages the security capabilities built directly into endpoint computing platforms themselves. 

Netherlands-based Bell ID develops chip lifecycle management software that enables banks, governments and enterprises worldwide to issue and manage credentials on mobile near-field communications (NFC) devices and EMV smart cards.

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Keywords: Wave, Bell ID, online payment fraud, Secure Element in The Cloud, card-not-present
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime