The combined go-to-market solution will include e-signature technology from Airome aided by the intelligence-driven Secure Bank solution from Group-IB
Airome Technologies, a developer of cybersecurity solutions for digital banking and e-document management systems, has announced a strategic partnership with Group-IB. The go-to-market solution combines anti-fraud systems, scoring and e-signature into remote banking services (RBS).
Group-IB, a Singapore-based cybersecurity company that specializes in preventing cyberattacks, is one of the global leaders in providing high‑fidelity Threat Hunting & Intelligence, best‑in‑class anti‑fraud solutions and high-profile cyber investigations.
With disruptive shifts taking place in the traditional financial services and fintech space in Singapore, the solution will help banking and financial institutions pro-actively combat cyber-fraud. While Singapore has a well-established traditional payments ecosystem, mobile payments continue to grow. The Government has been making concerted efforts to promote this ecosystem as well. An example of this is how NETS, the payments services provider in the country, has rolled out electronic payment terminals at hawker centres and coffee shops, allowing customers to pay using different payment options. The payment services system in Singapore has a well-calibrated regulatory framework.
With increase in digital payments, there is always the inherent risk of cyberattacks; from data breaches and fraud to credential stuffing. Credential stuffing is an automated injection of breached username and password pairs in order to fraudulently gain access to user accounts. The Singapore Government is once again taking the lead in combating these challenges. In August this year, the Monetary Authority of Singapore (MAS) announced mandatory rules for all financial services and e-payment firms to follow. These include strong passwords, firewalls to prevent unauthorised network access and multi-factor authentication.
While developing PayConfirm, our aim was to ensure that maximum level of security is achieved to perform any operation across digital banking channels without affecting the mobility or ease of use for a bank’s users. Our integration with Group-IB’s Secure Bank helps achieve an uncompromising combination of these measures. This adaptive authentication helps to minimise a wide range of risks when it comes to any type of operations and make the lives of bank’s users simpler. We believe that our partnership with Group-IB is timely and relevant to not just Singapore but the broader Southeast Asia region.
CEO of Airome Technologies
Secure Bank leverages Group-IB’s experience in threat intelligence, signature, behavioral and cross-channel analytics to detect threats invisible to traditional transactional anti-fraud-systems. The product contains full stack of anti-fraud technologies, which protect banks and its customers across all layers and identify fraud at a preparation stage. Complementing other anti-fraud systems, Secure Bank can block malicious bots in real time, detect attacker’s logins, social engineering, botnets, money laundering, victim compromise or infection of an end user device. Secure Bank can also protect users in the mobile channel (smartphones, tablets, and other iOS and Android-based devices). The product’s unique adaptive logic is able to correlate data on users behaviour on their devices as they interact with their bank through various channels and on behavior across different banks to prevent cross-banking fraud. Machine learning algorithms, advanced device fingerprinting, and user behavior analytics allow the system to detect unusual or suspicious actions committed by a criminal impersonating a real user.
CEO and Founder of Group-IB, Singapore-based Cybersecurity Company
The combination of Secure Bank and PayConfirm provide banks’ clients a secure and seamless platform to perform transactions via digital channels. The bank’s users only need to enter the password, or use the TOUCH/FACE-ID interface, or e-signature to perform any operation such as authorise transactions or e-sign documents.