We are facing a revolutionary change in the mobile industry. Since this shift of technology has changed our daily lives, electronic devices such as smartphones and tablet PCs have become inextricable from everyday activities, and we’re constantly experiencing better mobile technology over time. These innovative mobile technologies are being applied to various services. One example is mobile authentication in the payments industry; people around the world are making payments using mobile devices, and authentication is a key part of the process. However, mobile authentication is vulnerable to personal information leakage, fraudulent transactions, identity theft, and more. We can easily find cases where the device owner receives their personal data and verification confirmation messages sent to their phone, even when they didn’t initiate the authentication step themselves.
Introduction of mobile devices to financial services has led to security problems. Not only is mobile authentication is exposed to various fraud risks, but it also struggles with the issue of convenience such as forcing customers to re-enter unnecessary information every time and frequent failures due to typos and misinformation. As a result, there is a growing demand for a platform that addresses security weaknesses and complements convenience.
In addition, security in mobile authentication is a global problem as of late. Europe is significantly strengthening KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. The General Data Protection Regulation, or GDPR, was recently implemented by the EU, making it an urgent matter to provide better security. In the US, large sums of fines or lawsuits are frequently seen with the exercise of the Telephone Consumer Protection Act (TCPA). Dish Network, a channel provider, was fined $280 million due to such regulation. Wells Fargo was charged $15 million and American Eagle was also fined $14 million. As such, there’s a clear need to respond to security issues around the world.
As regulatory requirement for increased data security is gaining worldwide awareness, Danal, a strategic partner and parent company of PayProtocol, is drawing attention in the global market. In April, Danal US won the Innovation Award at the 2018 KNOW Identity Conference and Jim Greenwell, CEO, was named “CEO of the Year.” Danal overcame the boundaries of safety, convenience, and versatility, and was recognized for providing unique solutions in the mobile industry. Danal’s patented technology not only strengthens identity security by identifying individual mobile device and customer information via carrier networks, but also prevents unauthorized transactions and fraud, increasing the success rate of mobile transactions and proving to customers that mobile authentication is safe and convenient.