Wave Systems Corp. (fka WAVXQ)

[Methinks]

Architect’s Guide For Securing Payment and Financial Industries using Trusted Computing

https://trustedcomputinggroup.org/wp-content/uploads/2018_TCG_FinSvcGuide_SmWeb_DR02.pdf

This architects guide focuses on reducing fraud in the payment industry. IoT devices are slowly emerging as new payment instruments. Smart watches, in particular, are currently used for NFC tap and pay payments. The majority of these devices rely on a paired mobile device such as a smart phone for some functionality, which may include provisioning and authentication. In the foreseeable future, it’s expected that these IoT payment instruments will no longer need a companion-assisting device. Backend fraud and risk engines currently rely on payment parameters to reach an authorize or reject decision on incoming transaction requests. To reduce fraud risk, the backend needs to collect some signals, authenticate the user, and identify the device as well as the POS
(point of sale terminal, which can also be another IoT instrument.) Trusted computing mechanisms make the act of payment easier for users, by allowing devices to provide a range of levels of protection depending on the type of payment. Backends can use trusted computing mechanisms to determine the level of protection during the current payment. Backends can demand the highest level of protection for riskier payments, even though this involves more complex and onerous user activity. Backends can accept lower levels of protection for less risky payments, enabling simpler user interaction, or even no user interaction. Also, some suggestions are proposed to expand the use cases and relief the customer of some friction.
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