Boloro Global, a New York City-based payments network, has launched a debit authentication system to combat fraud in South Africa.
The newly launched offering 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.
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.”
The Boloro Authentication System is a real-time solution, which communicates with customers through special, secure messaging over the Mobile Operator's SS7 connectivity.
The system runs on the company’s patented, device agnostic, multifactor authentication and payment service platform, which makes payments and other transactions immediate and fraud-free without disclosing any private information outside of the Issuer's domain.