PayConfirm, a transaction authentication solution by Airome, was on November 17 introduced to local banks as part of KMS Solutions’ Modern Banking platform.

To help banks with an authentication process that is cost-effective, secure and convenient, software company KMS Solutions has partnered with the Singapore-based provider of banking cyber-security technologies to embed PayConfirm in its platform.

As a mobile transaction authentication signature solution, PayConfirm allows users to authenticate transactions without the fraud-prone SMSs or the inconvenient tokens. This also means banks can do away with costly SMSs.

PayConfirm could help banks put an end to SIM swap, social engineering, and OTP hijacking, and allows customers to authenticate transactions in offline mode by scanning the auto-generated QR Code.

Le Huu Tan Tai, vice president at KMS Solutions, said: “SMS has become too expensive. It is also no longer reliable since criminals are coming up with sophisticated schemes to exploit loopholes and customers’ inattention.” — VNS