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MVI could solve digital fraud
iTouch, a provider of enterprise communication solutions, has a new mobile security product, Mobile Virtual Identity (MVI). The patent-pending technology can help banks and governments enhance security and meet compliance with privacy laws and prevent the R1bn in digital fraud losses reported by South African banks in 2022.
Waheed Adam, CEO of iTouch
As much as banks continue education drives for their consumers, US cellular network Verizon’s report shows that 74% of data breaches occur via the consumer through social engineering tactics.
MVI includes participation from both enterprises and consumers, protecting the mobile virtual identity of each consumer, and therefore mitigating digital fraud.
Enterprises such as banks can easily deploy MVI using its API without having to integrate new technologies.
Consumers can then enrol on the MVI app to enjoy a secure and encrypted channel for their mobile banking transactions and other communication.
Once enrolled, all communication is encrypted and sent to the secure MVI inbox and only decrypted if the identity is verified or trusted.
This is separate from the normal SMS inbox where fraudsters typically operate.
MVI's protection features extend beyond SMS to include USSD and Data Channels, significantly reducing communication costs for enterprises and offering a seamless user experience akin to mobile banking apps.
"We are excited to launch MVI as it provides the financial sector with a powerful new tool to combat mobile banking fraud as they collectively accumulate the greatest losses to fraudsters," said Waheed Adam, CEO of iTouch.
"MVI is a game-changer in the mobile banking security space, and we believe it has the potential to significantly reduce fraud losses for banks and protect consumers from financial harm."
Strong encryption
At its core, MVI is a multi-tenanted platform that tokenises the users’ mobile credentials and encrypts messages, ensuring the authenticity and security of all communications.
This approach effectively thwarts fraudulent interception attempts, even in cases of mobile device cloning and offers several key benefits for financial institutions.
Enhanced security: An additional layer of security for mobile banking transactions by tokenising device credentials and encrypting messages.
Reduced fraud losses: By securing mobile banking channels, MVI can help financial institutions significantly reduce their fraud losses.
Improved customer experience: MVI provides a seamless and user-friendly experience for consumers, with features such as sender ID verification and easy transaction approval/decline.
Cost savings: MVI can help financial institutions save money on SMS costs by enabling data channel messaging.
Real world applications
SARS, which manages sensitive data, can now use MVI to protect customer information and create a trusted channel of communication.
In smart cities, it can serve as a secure and convenient means for residents to access various municipal services, from public transportation to utility management, ensuring services are personalised and efficient.
MVI also offers a robust solution to authenticate voter identity, potentially reducing fraud and streamlining the voting process.
Overall, it can enhance civic engagement and service delivery, creating a more connected and responsive urban environment.
iTouch envisions MVI becoming an industry standard for secure communication, particularly in sectors handling sensitive data.
"Although there may be solutions to mitigate fraud, ours is unique, relevant to convenient channels used by enterprises and easy to deploy,” explains Adam.
New wave technology
The integration of new wave encryption technology further solidifies its competitive advantage.
By tokenising the mobile device credentials, it creates an immutable and secure identifier for enrolled customers. This token is securely stored within the platform, ensuring the confidentiality and integrity of user data.
As the digital landscape continues to evolve, the need for robust security measures becomes paramount.
Mobile Virtual Identity could revolutionise digital identity and security, empowering businesses, governments, and consumers to navigate the digital realm with confidence and trust.
"The MVI solution brings trust back to these channels and allows businesses and governments to share personal information without fear of interception," says Adam.
With its innovative technology, unique features and unwavering commitment to security, MVI is not just a product, it's a transformative solution addressing the pressing challenges of digital fraud and data breaches.
It’s a foundation on which a connected society can build more digital solutions, with trust and security at its core.
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