Banking Technology caught up with Oliver Sery, TAS Iberia General Manager, during Money 20/20 Europe in Copenhagen last month on one of the hottest topics at the show: Mobile Payments Security and HCE Solutions.
Sery explained why mPayments and eWallet are safer than contactless card transactions, a discussion continued in depth by him and the other panelists in the M20/20 “Identity, security and fraud prevention in mobile: The route to a secure mobile experience” session.
“If a card gets stolen, then I’d be very worried if the thief got hold of the master keys. But with my phone’s virtual wallet it is a different matter. The token is only valid for certain credentials,” noted Sery. He went on to demonstrate how with a virtual wallet the amount of money that could be stolen is limited, making it a key piece serving both as increased security and as a communication channel – something that is lacking with simple contactless card functions.
TAS Group strongly believes in this technology. Our approach focuses on server-based control over sensitive customer information instead of stored it on the mobile device. This provides faster, safer and more convenient options to meet customer needs.
Read the whole interview here.