Security Architecture

With worldwide card fraud estimated to be in excess of USD 10 billion annually, security is paramount. Thanks to security on the smart cards, PIN/biometric fingerprint authentication, and the fact that no data is held or managed by typically unsecure devices such as POS terminals, mobile phones or ATMs, BGS has been able to prevent all the typical fraudulent attacks that can occur on traditional banking system platforms.

The funds held on each smart card are protected from illegal access through PIN/biometric fingerprint technology. Every transaction is verified by the two smart cards involved in the transaction using state-of-the-art cryptographic systems. The smart card serves as a substitute for cash, but provides for loss tolerance which protects the cardholder in the event of loss or stolen cards. Simply stated, cardholders do not lose their money if they lose their cards.

Positive offline card holder verification is critical to ensure that a payment system does not effect fraudulent transactions. At the same time, the System must ensure that the genuine card holder’s transactions are not rejected.