CyberloQ has announce a strategic collaboration for its proprietary Multi-Factored-Authentication (MFA) technology with Pannovate’s Banking Orchestration Platform.

CyberloQ has created what it believes is the most robust, flexible and dynamic security solution available to the payments industry.

By incorporating Multi-Factor Authentication, Geofencing, Access Credentials, and Comprehensive Activity Logging,  CyberLoq’s MFA technology will be integrated into Pannovate’s Banking Orchestration Platform to create a distinct and unique cyber-security solution specifically for the banking and payment industry.

The Banking Orchestration Platform will be equipped with the most comprehensive security suite available for combating fraud for its clients, and will be modular and scalable, thereby allowing the system to grow with their clients’ security needs.

Pannovate’s Banking-as-a-Service and orchestration layer enables banks, FinTechs and businesses to power growth and deliver seamless digital and embedded finance experiences.

To answer to the changing fraud landscape, at the heart of CyberLoq’s architecture is a proprietary Transaction Risk Assessment engine that leverages leading-edge Multi-Factor Authentication and Authorization protocols to prevent fraudulent access to online systems and the digital assets and sensitive information that they house.

The solution protects access to sensitive Personal Identifiable Information (PII) and to any digital assets including, but not limited to Bank Card and Digital Payment Programs (any bank issued credit, debit, prepaid cards), Websites, Business Applications or software that requires user input of predefined credentials, IoT Platforms, Equipment or Process Activations including Smart Devices, Key Card Entry Systems, and access to Structured Data / Unstructured Data.

“Cybercriminals have been shifting their focus to consumers’ personal and financial data and where unfortunately many others have fallen prey to online fraudsters who access their passwords, OTPs and bank details,” says Pavle Ljujic, Founder at Pannovate.

“This collaboration comes at the most pertinent time where cyberattacks are considered one of the biggest threats globally, but even more so for the banking sector, where fraud can no longer be viewed just as a single isolated incident or a compliance issue.”