Pylones, iCrypto partner to secure companies against cyber fraud
Pylones Hellas and iCrypto are partnering for the strategic expansion of iCrypto's identity and access management solutions in Greece, Cyprus and across broader geographical areas in the region.
Digital transformation initiatives play an increasingly critical role in customer and partner engagements as companies digitise transactional and operational business processes. Digitisation, however, has also led to a dramatic increase in cyber fraud. According to an Accenture report, in 2018 the financial services industry alone took in the highest cost from cyber crime at an average loss of $18.3 million per company surveyed^1.
iCrypto helps companies minimise fraud risks across all digital touchpoints, engagements and transactions, thus protecting customers and business partners in the company's ecosystem. iCrypto's solutions include verifying a participant's true identity with simple yet secure steps from their mobile devices. This identity-vetting process generates a digital token for each participant that is used to verify their transactions within enterprise applications and workflows. iCrypto ensures true identity traceability across all digital interactions which enables companies to build trust with customers and partners.
"Fraud and identity theft occur every three seconds," said Dr Vasilis Polychronidis, CEO of iCrypto. "We made it our mission to develop a better way to secure human-computer interaction than what was currently present. The team got to work and, in 2014, we found an innovative way to address this industry-wide challenge."
The iCrypto technology is compatible with all transaction types that take place between users (employees, customers, partners) and IT applications. It also works seamlessly across a company's partner ecosystem, delivering impact and efficiency to the company and its end-customers.
iCrypto's technology enables integration across a multitude of systems, including legacy platforms and partner ecosystems, and ensures frictionless security in workflows and transactions between all participants.
Emmanuel Netos, Pylones Hellas General Manager, said: "With iCrypto, we finally know who is really behind digital engagement and transaction with a service or application such as financial applications. Companies have the need for the fast, accurate and easy true identification of their customers. Relevant use cases can be found in the insurance industry, healthcare, telecom, education and government sectors, to name a few. iCrypto provided us with an agile, standards-compliant identity and access control platform that can cater for our customers' ever evolving digitalisation requirements."
1 Cost of Cyber Crime: Financial Services. (2018, February), Accenture and Ponemon Institute