CyberloQ Technologies has entered into a new alliance with Transact Payments Malta (TPML), a unit of Transact Payments (TPL) to counter online payment fraud.
CyberloQ is a multi-factor authentication application for smartphones, tablets and laptops.
Under the collaboration, TPML will integrate CyberloQ’s customisable approach to data security, including geofencing protection, to provide an additional layer of security to its partners.
The companies hope that this integration will lead to the prevention of online payment fraud within multiple card networks in Europe and other regions.
CyberloQ president Chris Jackson said: “Now more than ever, the payment industry needs to be uber-vigilant in protecting client assets, personal information, while simultaneously offering a seamless user experience.
“This is the goal of CyberloQ as we collaborate with TPML and its network of programme managers, processors, and ultimately the clients of each custom card programme.”
According to Juniper Research, e-commerce merchants are expected to lose $25bn to online payment fraud by 2024.
TPML CEO Aaron Carpenter said: “CyberloQ’s patented approach to data security help clients control of their data with little to no risk for fraudulent exploitation.
“Having a mobile app that puts the consumer in control, while simultaneously protecting our brand partners from fraud, is a huge benefit for consumers, merchants and e-commerce as a whole.”