Boloro Global, a US-based technology company offering patented, multifactor mobile authentication technology and mobile payment platform, has rolled out its new offering in South Africa to eliminate fraud during online transactions.
Dubbed Debit Authentication System, the new solution can prevent debit order abuse and fraud by enabling users to quickly and securely authenticate each transaction on their mobile phone before it is processed.
Running on Boloro’s patented, device agnostic, multifactor authentication and payment service platform, the Authentication System communicates with customers in real-time through special, secure messaging over the mobile operator’s SS7 connectivity.
The system makes payments and other transactions secure, immediate, user-friendly and fraud-free without disclosing any private information outside of the issuer’s domain.
Boloro Global CEO Karl Kilb III said: “Boloro literally puts security in the hands of each user, because only the user has its mobile handset and only the user knows its PIN, which must be entered on its phone to authenticate a transaction.
“Boloro is a seamless, cost-effective way to eliminate fraud, and it does not require a smartphone, app or Internet access."