Digital Payments Industry

Digital Payments Industry

Financial technology (fintech) firms today are becoming some of the most sought-after targets for cybercriminals and would-be hackers. The global cost of cybercrime is expected to reach $2.1 trillion by 2019 – nearly quadrupling since 2015. Growth in cyber attacks on fintech companies is also outpacing growth in electronic transactions by more than 50 percent.

That’s because personal financial data is among of the most valuable to cyber criminals. Credit card, banking, and other Personally Identifiable Information (PII) that fintech companies possess are all fair game for hackers.

Enter CyberloQ, a purpose-built technology solution that’s both effective – and easy to use – that can help fintech companies of all shapes, sizes, and customer types keep private financial data in, and hackers out. The CyberloQ cybersecurity solution for data protection provides a critical defense for data assets, as well as customers’ PII. Utilized as stand-alone, or white-label solution layered under the your own software, here’s how CyberloQ helps fintechs across the board.

CyberloQ – Secure Multifactor Authentication

Advanced Credit Technologies’ patent-pending CyberloQ™ technology is a critical tool in helping fintech companies protect their customer’s personal and transactional data. In the event of a breach, CyberloQ uses Multi-Factor Authentication (MFA) to pro-actively ensure that only authorized users, on approved devices, and within designated locations can access your users’ financial PII.

“Always Off” and Setting the Perimeter of Surveillance 

Data protected by CyberloQ is accessible only to employees, financial organizations, or customers who have registered with a company’s CyberloQ enabled database – such as Active Directory or LDAP.

CyberloQ enabled client accounts remain “inactive” until users verify themselves with a mobile device, smartphone, laptop, or tablet – in combination with a – PIN to access protected data. This two-factor authentication credential model creates a strong perimeter around any financial data or PII. In other words, hackers cannot access the system unless they possess the user’s personal device.

Fintechs also use CyberloQ’s administrator-defined geofencing capability to ensure that the user or device is within a defined geographical perimeter before granting any access. This location can be as large as a city or – using physical beacons – as small as a room providing the ultimate perimeter surveillance scalability. If the perimeter of the geofence is breached, the account (and all access to it) is automatically disabled.

Iron Clad Security

CyberloQ is constantly developing enhancements to create additional layers of security to our current MFA solution. This includes incorporating innovative technologies – like Biometrics – to provide iron-clad security to any fintech company or organization we partner with.

With CyberloQ’s multi-factor protection technology, fintech companies can be better equipped to comply with emerging global regulatory and Know Your Customer (KYC) standards. We’ll help ensure that any personal financial or transactional data can’t be accessed from unauthorized locations, unapproved devices, or unauthorized personnel.

Records are also readily available in the event of potential audits or requests for information from agencies like the Security and Exchange Commission (SEC), Consumer Financial Protection Bureau (CFPB), or Office of the Comptroller of Currency (OCC).

CyberloQ technology is rooted in providing both domestic and international cybersecurity services to the United States government for over 30 years. CyberloQ technology is a custom-built, proactive, real-time solution for identity governance. We protect fintech user’s personal, financial, and transactional data from cyber crime and hacking. And most importantly, the CyberloQ™  solution is focused on protecting any fintech’s information assets – and it’s brand identity.