APSCA: Managing Fraud, Authentication Transactions - mPOS
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Soft Space is a mobile payments technology company based in Kuala Lumpur, Malaysia, established in 2012, that transforms mobile devices into mobile point of sales (mPOS) systems, holding over 50% market share in Southeast Asia. The company has received numerous awards for its centralized EMV solution and is noted for being the first in Asia to obtain full EMV certification for mPOS. Additionally, Soft Space addresses various security concerns associated with mPOS transactions, including hardware and software encryption, fraud prevention, and authentication methods.
APSCA: Managing Fraud, Authentication Transactions - mPOS
- 1. Managing Fraud, Authentication Transactions MPOS Chang Chew Soon Founder, Soft Space
- 2. Value Proposition Our technology transforms any mobile device into a mobile point of sales (MPOS). Enables anyone to accept payments, anywhere, anytime, securely Then: EDC Terminal Now: Mobile Point of Sales
- 3. About Us Soft Space is a mobile payments technology company, headquartered in Kuala Lumpur, Malaysia. Established in March 2012, with a head count of 4, Soft Space focuses on the development of innovative solutions for the banking and payment industry. As of today, Soft Space commands over 50% market share in South East Asia with deployments in 14 banks, and a staff strength of 60. Certifications
- 4. Recognition Soft Space’s business strategy and centralised EMV solution has won several awards both at national and regional level. Soft Space is Asia’s first company to obtain full EMV certification on MPOS Remains one of the very few companies in the world with centralized EMV processing technology Asia Pacific ICT Alliance Awards ASEAN ICT Awards Best of Financial Applications Winner 2013 Best of Start-up Companies Winner 2013 Best Start Up Winner 2013 Red Herring Top 100 Asia Winner
- 5. Recognition Soft Space’s business strategy and centralised EMV solution has won several awards both at national and regional level. Visa Risk Management Leader Award 2013 Retail Banker International Asia Trailblazer Best Acquiring Institution in Southeast Asia, 2013 In recognition of international-standard electronic banking safety and innovation of mobile point of sale (mPOS) Excellence in Mobile Banking In recognition of the implementation of the Plug n Pay mobile point of sale (mPOS) Kasikorn Bank Thailand CIMB Bank Malaysia
- 6. 1 2 3 10 4 1 2 3 4 5 6 7 5 6 7 14 14 Bank X Taiwan 14 8 9 8 9 11 12 13 10 11 12 13 CIMB Bank Malaysia Hong Leong Bank Malaysia CIMB Niaga Indonesia Bank X Malaysia Bank X Singapore Bank X Indonesia Bank X Indonesia Kasikorn Bank Thailand Thanachart Bank Thailand VietinBank Vietnam Sacombank Vietnam Bank X Philippines Bank of New Zealand Australia & New Zealand Geographical Point of View
- 7. 1 2 3 10 4 1 2 3 4 5 6 7 5 6 7 14 14 Bank X Taiwan 14 8 9 8 9 11 12 13 10 11 12 13 CIMB Bank Malaysia Hong Leong Bank Malaysia CIMB Niaga Indonesia Bank X Malaysia Bank X Singapore Bank X Indonesia Bank X Indonesia Kasikorn Bank Thailand Thanachart Bank Thailand VietinBank Vietnam Sacombank Vietnam Bank X Philippines Bank of New Zealand Australia & New Zealand Chip & Signature vs Chip & Pin EMV & Domestic Chip & Pin EMV Chip & Signature Domestic Chip & Pin EMV Chip & Signature (Optional MSR fallback)
- 8. How to steal a pin?
- 9. Introducing FLIR One Thermal Imaging Casing What is thermal imaging? Everything around you either emits or reflects heat energy Thermal imaging makes the invisible world of heat energy visible to your eyes Detects infrared energy, processes thermal image, perform temperature calculation, and is very precise USD 350
- 10. Pin code is 12345
- 12. MPOS & Its Associated Risks Security of the reader Hardware Encryption Mobile Phone Security Software Encryption Data Storage on the device Cross-border transactions Geo-fencing Transaction Monitoring Fraud Prevention vs Detection Authentication Physical vs Logical Online vs Offline Magnetic Strip vs Chip Cardholder Verification Signature vs Pin 1 2 3 10 4 5 6 7 14 14 8 9 11 12 13
- 13. Offline Pin vs Online Pin Visa & MasterCard mandates online authentication for MPOS transactions Under what circumstances do we allow offline? Performance vs risks Pin Change ATM machines Issuer Case Study: Malaysia’s recent mandate to full chip & pin for both international & domestic schemes Costs of card reissuing Costs of POS terminal upgrades Costs of infrastructure & backend system upgrades