upk - universal pass key general overview
TRANSCRIPT
Universal Pass KeyHeadquarters (USA)
Providence, Rhode Island USA
Latin America Regional Office (Brazil)
Itaim Bibi, Sao Paulo, Brasil 04538-905
+55-11-3443-6415 (Office)
Middle East Regional Agent Office (Dubai)
Oud Metha Building, Suite M05, Dubai, UAE
+971-4-357-6113 (Office)
Global Technology Centre
Technical Support (India)
Vallamattom Estate M.G.Road
Cochin - 682 015 Kerala, India
+91 484 237 1741
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Fraud Prevention & Product Differentiation Solution
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Table of Contents
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11 Company Overview
Table of Contents
22 Impact of Payment Fraud
33 Consumers Are Ready to Fight Fraud
44 UPK Solution
55 UPK Benefits/Features
66 Real World Examples
77
88 Competitive Advantage
Re-branding the UPK Solution
99 Technical Process
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Company Overview
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Universal Pass Key, the product division of Rhode Island-based World Pass Key Inc., founded in 2011, developed the first-ever consumer-driven fraud mitigation technology for a broad range of account types. The solution allows an individual to lock and unlock their accounts (credit, debit, prepaid, private label and voucher cards, gaming, online retail bank account, e-commerce and auction, etc.) in real time or on a scheduled basis with a push of a button on their Smartphone or through text message from a feature phone.
The patent-pending technology seamlessly interfaces with a host’s operating platform (both legacy and state-of-the-art systems) to provide secure, seamless functionality without having any private customer data pass outside their secure, self-contained environment. Borne out of a program that was used to secure highly sensitive military data around the globe, UPK’s interface solution is the most powerful way to secure an individual’s accounts and personal identity from hacking and theft. It is scalable for organizations of any size, in nearly every industry vertical, globally, and can be deployed on any type of smart and feature phone.
In 2013, we established a presence in Sao Paulo as a result of the marketplace's receptivity to new innovative solutions which not only make their operations more efficient, but also give customers much greater comfort and confidence in on-line commerce. Our global growth will continue in 2014 and beyond under the guidance of highly seasoned management and strategic advisors on the board of directors.
Universal Pass Key
Who Are We?
Brazil
Rhode Island
DubaiIndia
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Impact of Payment Fraud
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unknown
The Global Impact of Fraud
It’s not a question of if – but when – your organization will experience a serious security breach.
The average total organizational cost of databreach over two years (US$ millions)
*Data not available for FY 2013Source: Ponemon Institute, LLC. “Cost of Data Breach Study: Global Analysis.”
145,000,000
240,000
12,367,232
70,000,000
6,000,000
22,000,000
4,000,000
unknown
7,000,000
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The Global Impact of Fraud
Average post data breach costs
Source: Ponemon Institute, LLC. “Cost of Data Breach Study: Global Analysis.”
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Bank Fraud by Region
North America$8.0 Billion
Latin America$2.0 Billion
Europe$4.2 Billion
Asia Pacific$1.0 Billion
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Consumers Are Ready
To Join the Fight Against Fraud
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Consumer Awareness and Behavior
Source: 2014 TSYS Report on Consumer Payment Choices
As a result of growing rates of fraud and identity theft as well as the resulting frustrations of feeling violated and incurring financial loss, consumers are tired and nervous...
…and ready to play a much more active role
“I am very aware of recent breach incidents;
they’re all over the news.”
Aware of recentincidents
Heard about itthrough media coverage
“I’m concerned… and I may
change the way I shop.”
Concerned abouttheir data beingstolen in the future
Indicated they hadchanged theirshopping behavior
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Consumer Willingness to be Involved
Source: 2014 TSYS Report on Consumer Payment Choices
they should play a role in protecting themselves.
they were willingto pay for addedsecurity features.
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Source: 2014 TSYS Report on Consumer Payment Choices
Consumers WANT the UPK Solution to feel more comfortable…
Empowering Consumers To Fight Fraud
The ability to store governmentidentification (Example: Driver's License)
The ability to use your bank's mobile app tochange the PIN for your debit or credit car
The ability to pay with my phone at the point of sale
The ability to instantly transfer money to another person, suchas a family member or friend, through your mobile phone
The ability to use your phone to temporally blockand unblock all purchases on your card
Receive instant offers and promotions for thestore you are visiting
The ability to hold all your loyalty/rewards cards on thephone so you can present the right one at the checkout
Instantly view transactions made withyour debit or credit cards
The ability to use your phone to instantly stopa transaction that was not made by you
47%
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UPK Solution
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UPK is a solution that allows an individual to lock and unlock their personal accounts, deployable across a broad range of industries:
First-ever consumer driven fraud mitigation technology
What is Universal Pass Key UPK?
Credit cards, debit cards, on-line bank accounts, prepaid, gift cards
On-line commerce accounts (i.e. PayPal)
Meal vouchers, fleet cards, gas cards
On-line, interactive gaming accounts (i.e. PlayStation)
On-line Gambling accounts (i.e. BetWin, Party Gaming)
Airline/hotel mileage/loyalty - online/card accounts
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Individuals can lock and unlock their accounts in real-time or set an automatic schedule in the future through any Smartphone, desktop computer or other mobile device.
Our solution works with all Smartphone and tablet operating systems (Android, Apple, Windows and Blackberry) as well as with feature phones. The technology seamlessly interfaces with a host’s operating platform (both legacy and state-of-the-art systems) to provide secure, seamless functionality without having any private customer data pass outside their secure, self-contained environment.
Accounts can also be locked/unlocked through use of:
Innovative technological solutionto fraud prevention
Web-based password SMS
Touch tone automatic dial-in Call Center
What is Universal Pass Key UPK?
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Benefits of the
UPK Solution
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For Corporate Clients
Benefits of UPK
• Engages customers to become active participants in the fight against fraud
• Reduced costs to implement versus EMV chip
• Complement to existing fraud prevention tools/products offerings to clients
• Easy to integrate with business partners systems (core, legacy or state-of-the-art)
• Can be marketed as a paid value added card feature, and become a source of revenue (similar to “ Lost & Stolen” service offerings that are offered to cardholders)
• Potential reduction in operational/systems costs
• Results in fewer calls to call center to report loss/stolen cards
• Can be fully integrated into business partner’s mobile strategy and/or home banking app offering to their customers
• Will not interfere with transaction processing times
• Sensitive customer data is never passed to WPK. All information remains in the bank/processor eco system.
• Will not disrupt scheduled recurring payments.
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• Reduces consumer “fear” related to fraud while utilizing their cards for online and offline purchases and transactions
• Empowers them to have more control over who accesses their accounts
• Ability to set convenient, fully customized card parameters, allowing cards to be locked based on: defined transaction value, MCC, chip vs. non-chip, specified times or dates, among others features
• Perceived added value of paying for “lost & found,” “card stolen” card features
For Customers
Benefits of UPK
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Real World Examples of the UPK Solution
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Once the UPK security application is activated, the accountholder now has complete control over access to their account as well as any sub-accounts within the same household.
UPK is easy as 1 2 3
Our solution works with all smartphone and tablet operating systems (Android, Apple, Windows and Blackberry) as well as with feature phones.
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UPK Advantage
Lock & Unlock Based on Date Range
Lock & Unlock Based on Time Range
SMS Functionality
Globally Deployed/Multi-Language
Merchant Category Code (MCC) Blocking¹
Geographic Fencing¹
Operating Systems Supported
System Integration Supported
Set Maximum Per Transaction Limit
All 4 Platforms
Available API’s
¹ UPK scheduled on next release Dec 2014
Card Account Lock & Unlock Household Level Subaccount Level
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Customer gives unlocked card to cashier so the transaction can be processed
PayCardholder re-locks their account by pushing a button on the UPK app or sending an SMS.
Block
START END
Merchant processes the transaction which is authorized
ProcessCustomer unlocks card before making payment for purchases
Unlock
1
2
3
4
Scenario 1 – Primary Account Control Through Your Smartphone
1 Additional parameters can be set according to value, geography, dates, timeframes etc. to avoid the need to manually turn on/off card at every transactions (e.g. all transactions under $50 or made within one mile of home address will be automatically allowed)
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1 2 3
Thru website interface, card holder sets up time range for card availability
Time-Based Unblocking
Online or In-Store purchases will only be processed during a certain period of time
TransactionCard will automatically relock once the programmed time expires
Self-Locking
Scenario 2 – Web-Based Controls Offer Same Account Functionality
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Scenario 3 – Timed Account Access and Sub-Account Control
1 2 3
Mom unlocks Billy’s card from home (or from her Smartphone)
Unlocking the cardBilly is away at college and uses Mom’s credit card for emergencies. Billy needs to buy books for classes.
SpendOnce he’s done, she locks the card again (or she can set a specific amount of time for the card to remain unlocked after which time it will automatically re-lock).
Re-locking the card
Billy is away at college and uses Mom’s credit card for emergencies. Billy needs to buy books for classes.
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1 2 3
Parent sets controls to allow access for a specified period of time
Unlocking for Gaming Time
Kids can access portals and digital signatures within the programmed time
PlayPortal automatically shuts down once time expires. Back to homework!
Self-Locking
Scenario 4 – Other Potential Applications for UPK
Peter and Jeremy are at home from school. The babysitter is known to be a little lax on the rules for video game playing. Mom tells the kids they can play Xbox Live for half an hour. From her Smartphone, she unlocks the Xbox Live account and sets it to relock after 30 minutes. Once locked, the kids can't get back online.
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Competitive Advantage
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Competitive Advantage
UPK software resides on the issuer’s/processor’s operating systems
Private accountholder data is never passed to UPKAll data remains within the banking eco-system
UPK supplements—rather than replaces—existing fraud mitigation tools utilized by the issuer
Fully scalable for small and large customer portfolios
Software was designed for easy integration into existing legacy or state-of-the-art systems, without slowing transaction speeds
Best available solution with performance in real time
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Re-Branding
ACMEBANK
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Acme Bank’s website
UPK can easily reformat and re-skin the solution to echo your branding footprint. We recognize that your customers are loyal to you and we want them to feel even more empowered being your customer.
Re-branding the UPK Solution
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The UPK solution can either be a stand alone app to be offered to your customers through the Bank’s website or we can integrate the solution into an already active banking app as a new feature/function.
Re-branding the UPK Solution
Cardholders now have complete control of their accounts through the Acme Bank Account Control App.
Acme Bank’s website
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Technical Process
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API Integration
Universal Pass Key has invested significant time and resources into its core technology to ensure that the Company’s offering to the global marketplace is superior to the competition in order to drive issuer, merchant and consumer demand of our fraud solution in the safest and most secure way possible.
Online Transaction check API (card status – lock/unlock)
Online database check (check if cards are in synch with client database – active/inactive)
Bulk Upload service (Windows Service)
SSO - Single sign on (integration of UPK website to Client site)
Mobile API integration
SMS API integration
ISO 8583 compliant
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How the Process Works
Client Web Services Client Servers for credit cards,Websites, games, etc.
When a new account is setup by the user, the information is sent to the client’s webservices servers
A flag is sent to the client’s servers indicating that UPK account has been activated
Data is sent using proprietary protocol
Internet SMS GatewayAuthenticate with a
cellphone app, web portal or landline phone SMS text message
Internet
If the UPK account is activated the service or transaction can be completed, otherwise the service
or transaction will be denied.
Website Login
Gaming POS Transaction
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Thank You!
For more information
SalesNorth America: Jonathan C. Marcus, [email protected]
Latin America: Francisco Figueiredo, [email protected]
Europe / Asia: Mike Dodier, [email protected]
MENA: Mat Zalk, [email protected]