European Florin Awards Presented to Threatmetrix and Irdeto
Announcing the winners of the 2017 European Florin Awards
Florin Awards logo Transactives, the organizer of the EUROPEAN Payment Summit and GLOBAL Payment Summit, is proud to announce the 2017 winners of the European Florin Awards. At the 16th EUROPEAN Payment Summit in The Hague, nine selected companies were nominated for the European Florin Awards in two categories on preventing fraud and improving security in the transactions space.
Global annual cybercrime is expected to cost over $6 trillion in the next five years. Accordingly, annual global spend on cybersecurity is estimated to cross $1 trillion by that time (Source: Cybersecurity Ventures). Security has become a top priority in the transaction space as organizations are in a constant battle against hackers who take advantage of weak spots in infrastructure. In order to prevent fraud and improve security, innovation is needed to ensure a trustworthy and reliable (payment) infrastructure.
The Florin Awards were created in 2010 to stimulate innovation in the transaction services industry by providing the nominees and the winners with substantial benefits to assist in the promotion of their innovative products. The awards are a joint effort between the EUROPEAN Payment Summit and ThePaypers.
This year, we focused the awards on security in the transactions space in alignment with our collaboration with The Hague Security Delta. On behalf of the Florin Award Jury, chair Charmaine Oak (Practice Lead, Digital Money) announced both the Jury Vote and Public Vote to the following winners:
ThreatMetrix – the winner of the Florin Award in the category of “Architecture for Secure Transactions.”
ThreatMetrix eCommerce protection provides real-time fraud prevention tools to online merchants worldwide, while also offering the potential for a less-intrusive consumer experience. The jury was impressed with the innovation demonstrated by the ThreatMetrix Digital Identity Network, which is underpinned by the world-first Digital Identity Graph. This maps associations between people and their devices, locations, account credentials and behavior. Such a mapping of anonymized user identities could play a key role in fighting cybercrime while also respecting consumer privacy. The strong European orientation is helpful for the roll-out of PSD2. Their Cybercrime Threat Map provides a live stream of fraud attempts. That was also something the jury found credit-worthy.
Irdeto – the winner of the Florin Award in the category of Best “Omni-Channel Payments Security.“
The jury was impressed with how Irdeto has transformed itself. With nearly 50 years of expertise in security, the company’s software security technology and cyber services protect over 5 billion devices and applications for some of the world’s best known brands. The jury especially valued the breadth of security solutions that spanned multiple industries, including media & entertainment, automotive and payments & banking. For Payment’s & Banking, the industry is in the middle of digital disruption, with new FinTechs and regulatory bodies pushing for more innovation. This new landscape brings unprecedented openness, and with it, greater vulnerability to cybercrime. Cloakware for Payments & Banking by Irdeto enables banks and payment service providers (PSPs) to innovate quickly with the knowledge of built-in Cloakware security. Applications and APIs must be protected and hardened from the client to the server, across all devices, browsers, interfaces and gateways. Irdeto’s unique solutions for Payments & Banking dynamically secures these endpoint devices and applications as well as the transaction data flowing between them.
“The Payments & Banking landscape is shifting, resulting in unprecedented openness and an increase in innovation throughout the industry,” said David W. Jones, Global Head of Payments and Banking, Irdeto. “However, this new landscape introduces many security vulnerabilities that hackers exploit in order to execute cyberattacks. To succeed in this age of digital disruption requires banks and PSPs to fulfil customer needs while keeping vulnerabilities under control. To do so requires a comprehensive security strategy that protects application execution as well as transactions/data in transit. Most importantly, security must be adaptable to future threats in order to deliver a robust digital shopping and banking experience for consumers – with confidence.”