The more popular mobile platforms become for money transactions the more important the security aspect becomes.

The new EU regulation PSD2 that recently has come into play requires stronger identity checks by the users themselves when they pay online. When customers access their online payment accounts, initiate electronic payment transactions, or perform other actions through remote channels, so-called strong authentication is required.

The users are actually not allowed to authenticate themselves with just one static password anymore. The transition from passwords to a combination of login codes and biometrics or tokens can be troublesome – and expensive – for banks and payment services, and this is where Covr is the ultimate solution!

The users are actually not allowed to authenticate themselves with just one static password anymore. The transition from passwords to a combination of login codes and biometrics or tokens can be troublesome – and expensive – for banks and payment services, and this is where Covr is the ultimate solution!

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 MyrbergVeronica UddstenAnders HellströmMathilda 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.

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.

Mitera Health on Google Play

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

The CYBERTECH100 is an annual list of 100 of the world’s most innovative CyberTech companies, of which Covr Security is recognized in 2020.

The list announces the world’s most innovative tech companies which provide cyber defence to financial institutions to combat cyber attacks and protect their data.

Read more:

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. 

Patrik Malmberg, CEO

Dear subscriber, 

The cyber security landscape is dynamic with no sign of new threats, technologies, and vulnerabilities slowing down. The new decade could lead to more attacks against companies that have yet to take on a layered approach to authentication. For this reason, cyber security will stay in the spotlight, not only this year, but for the predictable future.

At Covr Security, we also believe that the 2020s will need a powerful collaboration and effort between cybersecurity experts, innovation, and industry knowledge to defend against, and prevent, security attacks and threats. To sum things up, 2020 will undoubtedly be another interesting decade for cyber security!

Stay safe,
Patrik Malmberg and the team at Covr Security

API marketplaces open up for opportunities

Open banking and financial ecosystem opportunities for security fintechs are going through the roof thanks to API marketplaces for financial and complementing services. At Covr Security, our API is available on the APIX marketplace.

User-controlled security for credit card companies

When automated fraud detection systems detect potentially fraudulent activities, they often reject credit card transactions or freeze accounts. This becomes a problem both for the issuer and the credit card holder. With COVR, a credit card holder can authorize the transaction directly, which eliminates the problem with payment rejection and false-positive denials. This is how.

The shortcut to lost data recovery

Money laundering and financial crime regulations urge service providers and financial institutions to deliver reliable identity proofing. At the same time, identity fraud is escalating, and it is hard for service providers and financial businesses to trust that someone is whom they claim to be online. 

Being a busy startup, things have a habit of moving fast – especially this time of year. Still, I want to take the time to give you a quick roundup of what’s going on in our corner of the digital world.

Enjoy and stay safe,

Patrik Malmberg and the team at Covr Security

New partners

The market for platforms for Open Banking keeps on growing, and we have recently signed major partner agreements to help accelerate PSD2 compliance and Open Banking value creation.


We are adding our multi-factor authentication solution to MobiMedia’s overall customer offer. MobiMedia is a public company listed on the Warsaw Stock Exchange- They focus on mobile e-commerce and media services and provides mobile marketing and payment solutions in Eastern Europe.


KPN is the leading telco, mobile, and network services provider in the Netherlands, with more than 33 million subscribers. Covr Security will be the first company to provide a secure authentication API to their enterprise/third party marketplace. Our API supports advanced multi-factor authentication and mandatory SCA for Open Banking in Europe.

Precise Biometrics

An essential step in our progress is the joint agreement with biometric fingerprint solution provider Precise. The agreement is strengthening our offer by adding a verification solution for digital services and transactions between mobile units. The initial goal of the partnership is to carry out pilots during the second half of 2019 and then enter into a commercial phase. 

Are you interested in becoming our partner?

We provide our multi-factor authentication-as-a-service to a wide range of industry partners – eID providers, service providers, enterprise partners, mobile carriers, and other security technology providers. Contact us by hitting reply for more informatio

COVR Software Development Kit (SDK) launch

We are as we speak, releasing our comprehensive SDK that gives third party authentication possibilities like password-free logins, instant verifications of financial transactions. Get in touch with us for a walkthrough!

Covr Security out and about

Mats Holmfeldt, our Senior Executive Operations for the Asia Pacific, attended the SCxSC Fintech Conference in Malaysia as Keynote Speaker. SCxSC is organized by the Malaysian Securities Commission every year and is an important forum for Finch innovations in Asia.