ConnectPay发布了一款支付验证应用，作为对疫情相关保密问题的直接回应

To strengthen privacy, ConnectPay has released a payment verification app as a direct response to pandemic-related confidentiality concerns

The pandemic has raised awareness of a potential privacy crisis, affecting a range of industries. In response to confidentiality risks during the coronavirus outbreak, online banking service provider ConnectPay has released a new mobile app to help secure payments and prevent data leakage in fragile market conditions.

In response to the pandemic, some countries have launched contact tracing apps that require the sharing of personal data with different third parties. This has sparked a discussion about whether the obtained personal data can be misused. This privacy threat often forces consumers to re-evaluate the services they use and become more aware of the information they choose to share: for example, the Cambridge Analytica case involved a major breach of Facebook user data that changed the way people communicate on social media because their posts have become significantly less personal. Now, there are new privacy threats, and this time they could lead to a lot of profits and customer churn, as people once again seek to protect their personal data and may start to ignore certain services or businesses altogether.

There has always been a certain skepticism about the reliability of third-party applications; However, the current situation has exacerbated this age-old problem, and there is a lot of debate about whether outsourcers have the ability to handle and secure large amounts of sensitive data. Therefore, getting rid of third-party authorization while enhancing payment security is the main motivation for the launch of the ConnectPay App. To better protect customer data, TransUnion (formerly Iovation) provided ConnectPay with key authentication components to move comprehensive fraud prevention framework development in-house.

Marius Galdikas, Chief Technology Officer, ConnectPay.

“Authorizing payments by a third party can lead to a bunch of risks, some of which may not have been taken into account. This is one of the main reasons why we decided to develop our own payment verification solution. “By moving this part in-house, we can closely monitor transaction security, eliminate the risk of data breaches due to third-party system flaws, and assure our customers, as well as their customers, that if anything goes wrong, it will be dealt with promptly.” ”

Currently, the app offers multi-factor authentication to verify payment transactions, however, Galdikas noted that the current version of the app is only at the beginning of its roadmap. The company’s goal is to make all digital banking services available at customers’ fingertips, as more features will be rolled out in the foreseeable future. The ultimate goal is to create a comprehensive mobile solution for all digital banking and payment transaction-related services that is completely independent of third-party vendors.

“That’s why the focus has shifted to developing in-house products, which has allowed us to bring more technologically advanced and safer solutions to the industry.” M. Galdikas continued. “In addition, this will allow us to reallocate time and other resources to R&D, which in turn will provide more solutions to the market that will benefit their business and increase profitability.”

ConnectPay continues to invest in innovative ways to limit financial fraud and plans to invest an additional €750,000 in compliance solutions for anti-money laundering and countering the financing of terrorism throughout the year. In addition, the company restricts the scope of illegal financial activities, and any unethical business practices are eliminated during a thorough customer screening process.

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