payfair Products
payfair@ATM
The New Solution
payfair is also the new innovative way to withdraw money
at ATMs without any skimming risk or forgotten cards
issues. Using payfair's unique sound authentication
technology, consumers can withdraw money by simply
using their mobile phones. Implementing payfair@ATM
is using a very similar model to payfair@internet. The
issuing side remains unchanged for the bank, only the
ATM acquiring side needs to be equipped with an updated
software version to support payfair. The advantages of
allowing customers to withdraw cash with a mobile on ATM
are many:
Use of payfair via the mobile becomes a habit for the
customer
Transactions are not exposed to Magnetic Stripe
skimming, hence a reduction of fraud risk for the bank
What will this solution change in the market,
to whom and why?
A majority of cardholders cover ATM PIN pads, when
entering their PINs, reports a survey released by the
European ATM Security Team (EAST) in Edinburgh,
Scotland (May 2011).
According to the online poll,
65% of cardholders always
cover the PIN pad, protecting
their PIN; 23% of cardholders
sometimes cover the PIN pad,
and 12%never cover the PIN
pad, reports the EAST, which
polled cardholders between January and March.
Moreover, the act of ATM Card skimming and shoulder
surfing - used by criminals the world over to create cloned
cards from users of bank cash machines - has entered a
new dimension. Instead of installing a `false front' card
reader and monitoring users inputting their PINs via a
video camera, hackers have started installing their own
custom `sniffing' software onto the ATM's computer to
obtain access to card plus PIN data. This happened
recently in a large eastern European country.
With the payfair@ATM solution, skimming and fraud
attempts are drastically reduced since no card is used on
the ATM device reader. Only phone number, secret code
and a call from the server are needed to authenticate
safely the customer. In all cases, the Hardware (mobile
phone) needs to be in possession of the user.
payfair@ATM is the first unique payment solution that
cannot be exposed in mass to hackers, and it helps:
• Reduce Fraud on existing Schemes and therefore losses
by the issuer
• Allows ATM transactions for card-less users
• Allows mobile phone holders either to pay on internet or
to withdraw on ATM or to purchase on POS with the same
mobile device, and the same virtual (or real) card
associated to the mobile
• Introduces new technology and adopting the latest state
of the art systems
