COVR Newsletter – February 2019

Here is the new COVR newsletter for February 2019. In this letter, we give you some news about cybersecurity, tell more about COVRS´s participation in Accelerator Frankfurt and why SMS-authentication is not a good solution.

Prevent fraud and build trust with your customers by merely buffing up your FDP-system.

You don’t want to lose money due to online fraud, do you? Then you better buff up your FDP-solutions, because retailers are expected to lose $ 130 billion in CNP-fraud in just the next five years.

We see a rise in online fraud, as online retail and other digital solutions are increasingly more popular worldwide, cybercriminals are becoming more creative, and they continue to find new ways to attack. As an online retailer, it is of the uttermost importance to increase and expand your Fraud Detection, and Prevention (FDP) measures to keep the criminals away. Would you like to prevent your business from the fraudulent damage and substantial loss in the upcoming years?

Read the full blog here >

Covr takes part in an exclusive accelerator program in Germany

During the past three months, Covr Security has taken part in a highly exclusive accelerator program in Germany, through the organization Accelerator Frankfurt. Here the founder of Accelerator Frankfurt, Ram Shoham explains more about the program and why he thinks Covr is perfect for it.

Accelerator Frankfurt has been active for just over six years with a clear vision and central focus set on the FinTech and Cybersecurity industry. The two founders, Ram Shoham, and Maria Pennanen have a background in finance and tech, that is why it was a natural step for them to help companies working in that industry.

Read the full article here >

Another example of why SMS-authentication is a horrible idea!

You’d think that in today’s high-tech society, nobody uses text-messages as part of their 2-factor authentication system. But despite hoping that this was dead and buried practice, now and then we see examples of when it’s being used and subsequently hacked.

Recently the customers of Metro Bank in the UK suffered the consequences from this, which goes to show that it is time that we start using safer and more reliable solutions.

Read more >

A Long Day (with no Cybersecurity)

Imagine waking up, and everything in the entire world has been hacked. How do you commute to work, how do you pay for your food, and how long will the electricity keep your lights on? Cybersecurity matters, more today than ever before!

Yet another example of why SMS-authentication is a really bad idea!

You’d think that in today’s high-tech society, nobody uses text-messages as part of their 2-factor authentication system. But despite hoping that this was dead and buried practice, every now and then we see examples of when it’s being used and subsequently hacked. Recently, Metro Bank in the UK and its customers suffered the consequences from this, which goes to show it’s time we start using better and safer solutions.

Telecom operators use what’s called an SS7 protocol to reroute both text messages and calls, and also offers the possibility of geo-positioning cellphones. The problem is that the owner of the cellphone doesn’t need to be informed of this, meaning anyone with access can reroute text messages and track the whereabouts of the phone as they choose. This could, for example, be the Telecom operator itself, a government agency, or the not-so-friendly hacker.

All the hackers need to do is figure out the user’s login and password to their bank, things that are relatively easy to get your hands on these days. They then simply use the SS7- protocol to reroute the authentication text message to their own phone and immediately get full access to the bank account. This exact thing happened to customers of the Metro Bank in the UK recently, as reported by “Motherboard”. The SS7-attacks drained the accounts of “an extremely small number” of customers according to representatives of the bank. But regardless of the number of victims, this should really not be a hack that is possible to perform any more. Especially not at a bank that millions of individuals and companies trust with their money.

Metro Bank, Crawley, UK. (Photo Robin Webster)

The victims were of course compensated by Metro Bank, and hopefully, both the bank and customers have learnt their lesson and immediately abandon these inadequate practices.
There are however still thousands of services, banks and others that rely on text- messaging for their 2-factor authentication, apparently living in the belief that their system is secure. But implementing just any 2-factor authentication protocol does not mean your system is secure, much like having a seat-belt made out of paper won’t do you much good in a car crash.

So, take a good look at the service providers you use. if they use text messaging as part of their two-factor authentication inform them of their errors and find yourself another supplier. You simply aren’t safe where these practices are being used.

Read more about the attack to Metro Bank here >

Prevent fraud and build trust with your customers by simply buffing up your FDP-system

You don’t want to lose money due to online fraud, do you? Then you better buff up your FDP-solutions, because retailers are expected to lose $ 130 billion in CNP-fraud in just the next 5 years.

As online shopping and digital solutions are becoming more common, we are also seeing a rise in online fraud, and the no-good-doers are getting more creative every day. As an online retailer, you, therefore, need to increase and expand your Fraud Detection and Prevention (FDP) measures in order to keep the bad guys at bay and prevent your business from sustaining heavy losses in the upcoming years.


Catching fraudsters with their hand in the digital cookie-jar simply isn’t as easy as it used to be.

If you are like most eCommerce merchants, you have probably focused mainly on detecting fraud at the point of transaction. This makes sense since this used to be the place where fraud was common, and it’s was also fairly easy to detect certain types of fraud there. But nowadays the fraudsters have become better at hiding their intentions, and you need to look for suspicious behaviour earlier during the session in order to identify them. Catching them with their hand in the digital cookie-jar simply isn’t as easy as it used to be.

The reason why most online retailers don’t invest in a multi-layer FDP is that it seems like a waste of money. There is a perception that an advanced system like that can only detect fraud, and thus it makes little sense investing in a costly system that only does one thing. It can sometimes also be hard to calculate the exact amount of money lost to fraud, so calculating the ROI of such a system becomes trickier. But now that a recent study from Juniper Research indicates a potential loss of $ 130 Bn the coming five years in Card Not Present (CNP) fraud alone, getting a better system might prove to be a good investment after all.

There are also added benefits of having a better FDP-system in place. One of the authors at Juniper Research, Steffen Sorrell, explains, A layered FDP solution naturally helps directly preventing fraud, but it also offers major gains in terms of recovering potentially lost revenue through false positives. This is something about which retailers remain undereducated, and has allowed fraudsters to capitalize on relatively low FDP spend,”

Online-shoppers love a retailer they can trust

This means that a well implemented FDP-solution will quickly earn its money back. And not just by preventing fraud, even though the staggering losses Juniper Research calculate might be enough already, but also from increasing consumer-trust.

So, by having a multi-layer FDP you can build a secure and trustworthy shopping experience for your customers. And trust me when I say this: online-shoppers love a retailer they can trust. If you are worried about the ROI, fret no more, buffing up your anti-fraud system will quickly prove to be a good investment for both you and your customers.

COVR to pitch during Accelerator Frankfurt’s Demo Day on February 5.

On February 5, COVR will pitch the company to German investors and potential customers during Accelerator Frankfurt’s Demo Day. This great opportunity will position us very well for a rapid expansion in Germany.

COVR presenting in Frankfurt 2018

During the autumn COVR, together with two other startups, was chosen from hundreds of companies to take part in Accelerator Frankfurt’s fifth Acceleration Wave Program. The Accelerator Frankfurt Program is very prestigious and COVR is very fortunate to have been chosen. During the three-month program Accelerator, Frankfurt offers 200+ consulting hours on important subjects such as communication, digital marketing, finance, tax-regulations, strategic planning and executive coaching, aimed at the German Market. These experiences and insights will drive our expansion in Germany and further on in Europe to bring the best mobile security solution in the world, to the world.

The Demo Day will live-stream on YouTube, and already know you can set a reminder at:

Live Stream – Accelerator Frankfurt 5th Wave Demo Day >

Read more about the Accelerator Frankfurt Program here >