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Move to prevent fraudulent transactions:
Epic Lanka solution to protect payment card info
Gayan KANCHANA
Epic Lanka has developed a solution to protect payment card
information to prevent fraudulent transactions in the country.
Director/General Manager Epic Lanka Group Viraj Mudalige told Daily
News Business that Epic Lanka has done extensive research by studying
several models in other countries and successfully developed the most
appropriate solution for Sri Lanka considering the local context.
The Terminal Line Encryption Solution (TLE) is designed and developed
by Epic Lanka using state of the art technologies to protect payment
card information to prevent fraudulent transactions.
These solutions have been developed using EMV and PKI based Data
Encryption technologies, which are proven to be very successful in
Malaysia. It is reported that the fraud rate has dropped from 25 percent
to one percent with this solution. A home grown solution is more
desirable as it optimizes the usage of local infrastructure with no
major investments in infrastructure.
A local solution can always facilitate expansions and growth with no
added costs," he said.
"The core competencies we developed over a decade in secure payments
and information security solutions as proven by the successful
implementation at major local and international banks made us to design
and develop in-house a world-class TLE solution.
It is cost effective and easy to maintain. The solution will also
ensure optimum utilization of existing infrastructure and will adhere to
the latest guidelines of international credit card operators", he said.
Mudalige said that they expect all Banks operating in Sri Lanka to go
for a common solution instead of going for ad-hoc solutions which will
not serve the purpose.
The risk of not addressing this growing threat makes banks vulnerable
to frauds. The solutions we offer comply with international standards
and will ensure ultimate security whilst saving a substantial amount of
foreign exchange to the country, he said. |
