CyberloQ Technologies, Inc. is integrating its CyberloQ Secure™ authentication system into PayOnward's comprehensive digital payment platform, bringing transaction-level security across PayOnward's entire ecosystem. This integration addresses one of the most significant challenges facing financial institutions today: the escalating threat of cyber fraud that can disrupt business operations, damage reputations, and harm consumers. Community-based financial institutions and credit unions face particular vulnerability due to their size and experience levels, making enhanced security measures increasingly critical.
CyberloQ Secure™'s Multi-Factor Authenticator provides added protection by ensuring that payments, transfers, and other financial transactions initiated within institutional systems are legitimate. The system authenticates user identity on every transaction and restricts access to only those users who successfully verify their identity using a combination of challenge factors including location, unique one-time passcodes, and fingerprint, face, or voice biometrics. The implementation of CyberloQ Secure's strong authentication protocols and location-based access constraints enables financial institutions to prevent fraudulent activities by bad actors, including rogue employees.
Specific threats that can be mitigated include diverting funds to fraudulent accounts, using spoofed accounts receivable links that redirect payers to malicious payment sites, creating fake vendors for fraudulent bill pay transactions, altering payment instructions of legitimate vendors, and executing consumer account takeovers using compromised credentials acquired through phishing attacks. Cary Strange, CEO of PayOnward, expressed enthusiasm about the partnership, stating that the integration addresses pressing security concerns for credit union and community-based financial institution clients.
By reducing fraud at the account and transaction level, clients can maintain greater confidence in protecting their customers and brand from the costly consequences of cybercrime. PayOnward provides a next-generation cloud-native universal payments platform specifically designed for credit unions and community-based financial institutions and their consumers. Chris Jackson, President and CFO of CyberloQ Technologies, emphasized the continuous nature of cyber threats, noting that cybercriminals never sleep and the risks they represent for financial institutions are significant and growing.
CyberloQ Secure™ provides real-time, risk-based authentication around the clock for organizations where trust and security are mission-critical. More information about CyberloQ Technologies can be found at https://www.cyberloq.com, while details about PayOnward's platform are available at https://pay-onward.com.
