Cognia receives investment to expand its cloud PCI compliance solutions

The company has revealed plans to use the capital to expand into North America and Asian Pacific markets and develop its UK sales and marketing arm. Cognia’s cloud PCI compliance solutions protect cardholder data and prevents it from ever having to enter into the contact-centre environment.

According to software analytics company Fico, card fraud in Asia Pacific is costing banks USD 400 million (GBP 241 million) a year and is rising by 20%-25% a year. Data from The Nilson Report found in the US the cost of payment card fraud grew by 29% at the end of 2014 and according to the Aite Group fraud losses in the US market are set to climb steeply over the next 3 years. With the US adoption of Europay, Mastercard and Visa (EMV) standards for card payments, companies will require secure payment solutions, providing more opportunities for technology providers.

Cognia is a provider of cloud compliance solutions. Together with the mobile carrier partners, the company is enabling banks to record and analyse the mobile communications of regulated staff.