Palisades is a rapidly growing company that delivers a very cost effective bundle of financial services to the mobile population both domestic and internationally. Palisades has assembled a complete financial solution to address the everyday needs of the Mobile Payment Centric Consumer.
Our mobile payments solution will continue to deliver to our client and user base the ability to manage their every day needs for payments and services in all market segments.
Our Vision is to be the recognized leader and preferred mobile services solution for our clients and the mobile payments user community. We ensure the success of each client and user of our services by providing a robust technology solution along with world-class service and support.
Palisades offers two robust solutions: Secure User Authentication and Transaction Verification for Online Retailer Payments, and Online Banking for Financial Institutions.
Online financial transactions, including online banking and Internet retailer payments, are the most cost effective way for financial institutions and merchants to deliver services to their customers. Online transactions cost pennies, versus the $5.00 to $7.00 cost per transaction for in-branch, in-store, or call-center transactions. Furthermore, online customers tend to use more services, carry higher balances, and make higher dollar purchases. For these reasons, financial institutions and merchants are very motivated to provide more online services. However, since the boom of the World Wide Web in the mid-nineties, Internet transactions have been plagued by attacks from cyber criminals and the problem continues to grow.
The basic fraud problem is one of identity theft – hackers gaining access to valid accounts and stealing money in a variety of ways. If a hacker can steal an accountholder’s logon credentials via phishing scams or by using a M-i-M attack, they can intercept a valid online banking transaction or Internet purchase transaction and transfer money into an account the hacker has set up in advance.
To solve the problem of online fraud, while permitting payment card transactions to be used safely on the Internet requires the financial industry to implement strong multifactor authentication. Multifactor authentication depends on the customer using two or more “factors” to authenticate their identity when performing online transactions. The standard solution for multifactor online access for corporations and government agencies is based on:
1. Something the user knows.
2. Something the user has – a “single purpose” OTP generating token. An OTP that is generated by the token each time the user performs a transaction. By changing the password each time, if an OTP is stolen online, it cannot be successfully re-used by a hacker
As noted earlier, “single purpose” OTP tokens have become the standard for multifactor solutions in corporate environments and government agencies, and have been in use for over a decade with impressive results. However, the expense of personalizing, distributing, and maintaining a large base of tokens prevents using them for consumer banking and Internet shopping.
Within the past decade, consumers have acquired a new device that can deliver OTPs reliably and conveniently – the mobile phone. Using the mobile phone, an OTP can be generated centrally. This solution is quick, reliable, cost effective, and very convenient to use.
Since the delivery of the OTP is via a channel that is completely independent of the Internet, it is highly secure against hacking attacks. (There is no current method that a hacker could use to coordinate a simultaneous attack on both the Internet and the cellular network in a way that would enable them to complete a fraudulent online banking or Internet purchase session).