We have been using passwords and codes for hundreds of years, but still, it seems like our security thinking hasn’t evolved at all.
For the adrenalised digital world where connected devices are snowballing and digital transactions are flourishing, the ability to prove a unique digital identity is crucial. In essence, digital identities are becoming one of the most fundamental staple goods in the digital realm.
PRESSMEDDELANDEN Published 27 november 2020
Synch har agerat legal rådgivare till CovR Security AB i samband med bolagets nyligen genomförda finansiering om ca 20 miljoner kronor.
Patrik Malmberg, co-founder och CEO. ”Vi har sedan länge anlitat Synch för legal rådgivning avseende kapitalanskaffningar, kommersiella avtal, regulatoriska – och immaterialrättsliga frågor. Synchs kompetens och erfarenhet kombinerat med deras förståelse för de utmaningar som tillväxtbolag som är inne i en internationell expansion, ställs inför, har varit ovärderlig.”
Covr Security tillhandahåller en mobil multifaktor autentisering som en tjänst (likt ett globalt bank-id) till ett brett spektrum av branscher som är beroende av stark kundautentisering, till exempelvis banker, betalningsnätverk, kreditkortsföretag, eID-leverantörer, IoT-företag och mobiloperatörer. Bolagets användarvänliga lösning bygger på en modern arkitektur med ursprung i nordisk banksäkerhet.
Synchs team i kapitalanskaffningen bestod av Andreas Börjesson och Emma Lundberg. Synchs team för övriga områden består av Erik Myrberg, Veronica Uddsten, Anders Hellström, Mathilda Nordmark och Johan Tydén.
Synch är en internationell advokatbyrå med fokus på digitala affärer och teknologi. Synch erbjuder en flexibel leveransmodell där Digital services kompletterar firmans tjänster inom Advisory services, Projects & Transaction Services och Managed services, SynchWherever. Synchs Projects & Transactions grupp är specialiserade inom privat och publik M&A, venture capital investeringar och finansiering, särskilt i förhållande till teknologi-företag.
You want to know that the person you’re dealing with really is who they say they are. You do, and this is why an up-to-date secure customer authentication method is the cleverest of business strategies.
Saying it like it is – companies and organizations that continue to depend on passwords alone as their first method of identity verification are seriously negligent. It is not just about the disaster that come in the wake of a security breach, it’s also about owning up to your promise to keep your customers safe. We’d like to disentangle how you can remedy this slip without overloading yourself, your users, customers or workforce.
Nobody wants to be the prey of identity thieves
You can no longer dispute that there are severe security vulnerabilities that come with the evolvement of third-party payments services, connected IoT-devices, or the already known problems with unsecure public WIFIs as well as BYOD (Bring Your Own Device) policies in workplaces. This is the constant headache for IT-professionals and management in most industries providing digital services today (and honestly, what company doesn’t?).
By basing your cyber protection strategy on watertight verification of the user underlaid by smart, tested multi factor MFA-tools that authenticates and grants your customer access to systems and services you are well on your way! This can be done in many ways, of which the worst is using many different tools for mobile identity management as cost and complexity can quickly spiral out of control.
Is MFA really necessary, and if so, how do I get my customers onboard?
People nowadays have colossal amounts of online accounts for banking, social media, digital utility tools, health records – the list goes on and on. By illustrating and communicating the need for identification, authentication and verification on a basic level you can help your users to better understand why MFA is so crucial. Here’s some bullets on how to break it down in a way that makes sense to the average user.
- Explain multi-factor authentication to your customers/users very basically
It takes just one carelessly crafted password to invite an attack – it’s just like leaving the door open and unlocked when you go to work. In worst case, depending on what is stored in the account, sensitive data like credit card numbers, passwords recklessly stored in a text file on Google Drive, pincodes or just fraudulent emails can result in a person’s entire identity is hijacked. Inform your users that this can happen everywhere, anywhere, on any account.
- Be persistent and provide plenty of support, guides and information.
Change is often tough and convincing a user to trust a new app doesn’t come easy. By being open and giving the users all the support they need, easy-to-read manuals you could win your customers over. Even better – by choosing a security app that you can white label makes the transition easier as the customers sees that the app comes from a familiar and trusted source (you).
- Make it easy
The best way to convince your users of the benefits of multifactor-factor authentication is to supply them with an all-in-one mobile app that authenticates, verifies, and grants the user access. Choose an app that provides MFA with as little hassle as possible.As with everything, there are learning curves to implementing MFA. Everyone may not understand the necessity for it, but once implemented the benefits outweighs any and all potential drawbacks and protects everything – whether it be identity, data, or money.As for which app to use, Covr offers a lean user experience backed by a company with a exemplary security record!
A new license agreement with leading health organization Mitera
The supply of digital health care is rapidly being brought into the app economy while at the same time, supporting a much higher degree of patient control.
In light of this, we are delighted to disclose that Covr Security has entered into a partnership agreement with the leading health organization Mitera. Mitera’s main product, mApp, is aimed at providing health care coverage by collaborating with hospitals.
The partnership intends to keep personal health records secure, providing privacy and security to 72 hospitals and up to 1 million users throughout West and Central Africa.
New hire! Navigating online security in the Asia Pacific
Meet Rajiv Madane! Mr. Madane joined Covr Security as Senior Vice President, Asia Pacific, during the spring.
Rajiv Madane has worked internationally with innovative fintech solutions for more than 30 years. He has expert knowledge from digital banking and payments, retail, SME, corporate banking, and wealth management from several leading positions, such as Virtusa and APIX.
Get in touch with him at LinkedIn.
How to keep safe online in a time of uncertainty
In the wake of the COVID-19 devastation, cybercriminals are taking advantage of our digital weaknesses and fear of contracting the disease. Please read our article about different types of socially engineered attacks targeting your security and what to do about it.
At CovrSecurity, we are committed to helping businesses stay safe online. We are always available to share our knowledge on how to implement user-friendly, bulletproof security into your workflows. Schedule a chat with us!
Until next time,
The team at Covr Security
Digital payment and online banking are all about striking the right balance between customer convenience and security. People expect it to be easy, so a complicated authentication process will turn them away. Luckily, onboarding users with COVR’s Multi-Factor Authentication API is not a problem. With this API, they can authenticate their payment directly from their smartphone without interrupting their flow.
COVR’s Multi-Factor Authentication API enables fast and convenient user authentication on smartphones. It keeps you and your users protected from all types of fraud and impostor activity, like identity theft, credit card hijacking, skimming and phishing. Even in risky settings like public wifi and unknown, unprotected networks. The API facilitates compliance, user retention and growth by providing stable and secure authentication and supporting user-friendly onboarding.
The Multi-Factor Authentication API is designed to help you to:
1. Comply with laws against money laundering, financial crime and enhanced privacy for individuals.
2. Defend and protect from online fraud and identity theft.
3. Facilitate people’s expectations on convenient, fast, secure signup and account login experiences.
Upgrade security with user-powered control and push notifications
Enable your end-users to actively protect their digital identity. With the Multi-Factor Authentication API, they control what information they share and with whom.
Thanks to push notifications instead of passwords, the onboarding and login process are a piece of cake. Once the user has logged in, the in-app verification alerts give the user the option to accept or deny authorization with a single tap.
One solution for every authentication scenario
COVR’s API is developed for any industry in need of strong end-user authentication and can be applied throughout all user groups – employees, end-users and third-parties. It works seamlessly across all platforms, applications and use cases. It also lets you authenticate end-users and authorize access throughout all of your business applications quickly.
The unique benefits
1. Benefit from passwordless authentication to access to sensitive information and money transactions.
2. Activate two or more authentication methods to protect your users from every threat.
3. Authenticate and onboard users with QR codes for a smooth end-user experience.
4. Allow users to authenticate themselves to sign contracts, loans and other legal documents.
Fast implementation, scalable and cost-efficient
COVR needs a minimum of infrastructure to scale for unlimited users simultaneously and plugs into existing systems with minimal modification. There’s no need for additional, expensive hardware.
Credit card security
Does your company issue credit cards? Then you know it’s a complicated process for both customer and issuer to re-approve a transaction that has been denied. It involves phone calls, security questions, identity document verifications or other payment methods.
With the Multi-Factor Authentication API, you can allow the credit cardholders to authorize the transaction themselves. This eliminates the problem with payment rejection and false-positive denials. Every smartphone can be reached by the bank in seconds, anywhere in the world. It is also registered to send authorization request push notifications with a response time of a couple of seconds. The result: seamless card transactions, and fully trusted, accepted purchases – both by the bank and its customers.
Reusable identity validation and account recovery
Dealing with stolen credit cards, lost smartphones or hacked accounts? Recovering all the lost data from each online service could be a lengthy and costly task.
With this API, recovery processes run fast, easy and secure. After a new identity verification is done, COVR can reconnect the user with their existing digital identity. Including all their history, transactions and various accounts. As nothing is ever lost, the user can continue to build their online reputation.
People want an ultra-low-friction mobile payment experience that says yes to a lickety-split transaction, with a minimum of taps and without the extra hoo-ha.
Pay on the go, wherever you are, is the catchphrase of today. This is the inevitable reality so let’s take a second to untangle some of the pitfalls and opportunities for banks to get on top of this development.
In-app purchasing, person-to-person payments and e-wallets are all results of consumers’ relentless demand for instant access to their money. Needless to say, this is why the most convenient and readily available device of them all – the smartphone – is becoming the payment channel of choice. Sending money to friends and family, shopping or doing day-to-day things like paying a bill inside various apps are all examples of consumer behaviours that are taking off in a phenomenal way.
It’s no longer just well known online payment services like PayPal, Google Wallet and Apple Pay (that have been around long enough to earn trust) that are competing for a piece of the mobile instant payments pie. Thanks to the revised payment services directive (PSD2), the entire payment services ecosystem have entered the race and offer competitive-edge and value-added “overlay” payments that boost consumer instant access. Whether it’s game-changing players like Square, Klarna, Paym and Dwolla or run-of-the-mill banks, the potential success stands and falls with a combination of convenience and security.
The educated guess would be that as long as people can stay secure, they will take the path of least resistance. But convenience will only go so far when it comes to the adoption of mobile payments. Without the underpinning security, this ever-growing trend could halt in mid-stride if consumers don’t trust that their money is a hundred percent secure.
Trust, trust, trust
Even though banks are late to the mobile payment user-convenience party, research shows that consumers still have a much higher level of confidence dealing with their banks, than online platforms and social-media companies when it comes to payments services. This is a slam-dunk advantage that gives banks the chance to stay competitive by drawing from the hard-earned trust they have built with their customers over the years.
As payment innovation has been about striking the right balance between customer convenience and security banks are successively abandoning yesterday’s security methods and have started to evaluate new and more robust alternatives at hand. But bringing about a genuinely effortless mobile user experience and at the same time reach fool-proof security is no easy feat. To begin with, instant payment features radically shortens the time to identify fraud so no matter which way you look at it, you need to invest in extremely secure real-time fraud detection based on strong user authentication. Exceptional user convenience on the smartphone may be the term of the day as it stands, but without up-to-date security tech behind it, it could be good for nothing.
In the near future, those who offer their customers the security and sought-after split-second payment convenience will survive. This is why we have developed Covr, a user-centric mobile security management platform. It will help banks and other financial players to overcome the biggest hurdles in the transition to large scale open banking as it doesn’t require hardware or huge installations costs.
About Covr Security
Covr Security AB, located in Malmo, Gothenburg, Stockholm, Frankfurt and Palo Alto, is a Swedish cybersecurity company. We have developed a next-generation, user-centric mobile security management app for a wide range of heavily regulated digital industries that depend on strong customer authentication and privacy. The Covr app is available both as an off-the-shelf authentication mobile app ready for a quick launch and as a powerful SDK for hassle-free integration into existing mobile applications.
Covr Security AB
211 19 Malmö
Grev Turegatan 3,
114 46 Stockholm
Östra Hamngatan 16,
411 09 Göteborg
470 Ramona Street
Palo Alto, CA 94301
Neue Mainzer Str. 66-68,
60311 Frankfurt am Main
80 Robinson Road
Emarat, Atrium Building
Sheikh Zayed RD, Dubai