|Friday, 24 July 2015 12:34
FREE STORY: DigiSEq and Digisec stories launched together - (causing some editorial confusion)
Two stories about device, payment and wearables security, told in very different ways
Researching the background for an article on DigiSEq, which claims to be the first organisation of its kind to be fully certified by MasterCard we found some great YouTube videos to share with you and realised there were two DigiSEq/DigiSec stories.
The first video we watched portrays a secret 'MasterCard security lab' called confusingly DigiSec lab (note the c) where boffins work in soundproof rooms to check what noise devices give off that could be useful for skimmers and other fraudsters.
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The other video (albeit with annoying music) is an upbeat portrayal of the highly fit and active wearables market. Giving a suggestion of time saving, convenience and speed to normal daytime activities such as buying a coffee, the video gives the impression that no-one leading a full and active life could possible manage without connected wearables.
This is about DigiSEq (note the different capital letters and the q) , which is the one that has just been certified by MasterCard for providing security of wearables.
But first to the DigiSEq story.......
DigiSEq founded by two former MasterCard mobile payments experts, Terrie Smith and Colin Tanner, is merging the two roles of testing and enhancing the security of the payment product while enabling the wearables market for payment by making it secure.
Based in Uxbridge, not the English countryside where the MasterCard digisec lab is based, DigiSEq's small team has developed the technology to remotely personalise wearable devices for contactless payments and this has now been certified by MasterCard.
The capability to include contactless payments into the consumer wearable is a natural next step in adding to the appeal of the device. Gut the obstacle to offering payment functionality in wearable devices has been the capability to deliver payment credentials to the wearable device on the spot when customer makes the purchase.
Using the DigiSEq solution, it is now possible for the consumer to choose their own device and payment account, and no longer depend upon on their bank to supply devices. It takes payment to wearables, rather than the other way round.
“DigiSEq provides a unique solution that bridges the wearables and payments industries and makes the provisioning of consumer devices for payment both easy for the consumer and secure,” said Terrie Smith, CEO of DigiSEq.
Scott Abrahams head of emerging payments and acceptance at MasterCard UK and Ireland commented: “With DigiSEq being part of the Emerging Payments Associations ‘Catalyst’ programme, of which MasterCard is a supporter and sponsor, it’s great to see the success it has achieved. MasterCard is keen to encourage this kind of innovation as wearables are an exciting part of the future of payments.”
According to CCS Insight’ global forecast, by 2018 over 250 million smart wearables will be in use, 14 times more than in 2013 and shipments of smart wearables are expected to grow from 9.7 million in 2013 to 135 million in 2018.
And the DigiSec story
This is from MasterCard which says it is opening its digital security facility (this is the one based in the English countryside - not Uxbridge then) to customers, driving further collaboration on key issues that can deliver greater payments peace of mind."
The MasterCard DigiSec Lab is focused on proactively testing threats to all forms of digital payments in coordination with government security agencies and leading academics. Ajay Bhalla, president of Enterprise Security Solutions at MasterCard said: “The MasterCard DigiSec Lab represents our collective efforts to maximize product innovation and security investments”
“The MasterCard DigiSec Lab represents our collective efforts to maximize product innovation and security investments,” said Ajay Bhalla, president of Enterprise Security Solutions at MasterCard. He added: “While payments have never been safer, criminals have never been smarter. We’ve now opened the lab to our customers as part of an ongoing commitment to share insights, solutions and best practices to deliver the highest levels of security.”
The increased pace of technological change, along with the digital profile of today’s connected consumer, has created the need for greater collaboration and knowledge sharing. The broadened mandate of the lab will help jointly problem solve for fraud and risk by activating its tools, unique broad network view and technical know-how.
The MasterCard DigiSec Lab works in close partnership with other groups – including Information Security, Emerging Payments and MasterCard Labs – to deliver a multi-layered approach to address security risks and concerns wherever they may arise.