CyberloQ Technologies, Inc. is integrating its CyberloQ Secure™ authentication system into PayOnward's comprehensive digital payments platform, bringing transaction-level security across the entire payment ecosystem. This collaboration addresses one of the most significant challenges facing financial institutions today: cyber fraud that threatens both business operations and consumer financial security.
The integration is particularly important for credit unions and community-based financial institutions, which may face heightened vulnerability due to their size and experience levels in combating sophisticated digital threats. Cyber fraud extends beyond financial losses, potentially disrupting business operations, destroying institutional reputations, and severely impacting consumers' lives.
CyberloQ Secure™'s Multi-Factor Authenticator provides enhanced protection by verifying user identity on every transaction and restricting access to only those users who successfully verify their identity. The system employs a combination of challenge factors including LOCATION-based verification, unique one-time passcodes, and biometric authentication using fingerprint, face, or voice recognition.
With these strong authentication protocols and location-based access constraints implemented, financial institutions can prevent fraudulent activities by bad actors, including rogue employees. The system specifically addresses threats such as fund diversion to fraudulent accounts, spoofed accounts receivable links that redirect payers to malicious payment sites, creation of fake vendors and submission of fraudulent bill pay transactions, and consumer account takeovers using compromised credentials obtained through phishing attacks.
PayOnward CEO Cary Strange expressed enthusiasm about the partnership, stating that the integration addresses one of the most pressing concerns for credit union and community-based financial institution clients. By reducing fraud at both the account and transaction levels, clients can maintain greater confidence in protecting their customers and brand reputation from the costly consequences of cybercrime.
Chris Jackson, President and CFO of CyberloQ Technologies, emphasized the persistent nature of cyber threats, noting that cybercriminals never sleep and the risks they represent for financial institutions continue to grow significantly. CyberloQ Secure™ provides real-time, risk-based authentication around the clock for organizations where trust and security are mission-critical. More information about CyberloQ Technologies can be found at https://www.cyberloq.com.
PayOnward's digital payment platform serves credit unions and community-based financial institutions with a comprehensive suite of white-label services including accounts receivable, bill pay, peer-to-peer transfers, account-to-account payments, and cross-border payments. The platform helps financial institutions modernize services, retain deposits, and better engage small businesses and members. Additional details about PayOnward are available at https://pay-onward.com.
This security enhancement comes at a critical time when digital payment fraud continues to evolve in sophistication, threatening the stability of financial institutions and the financial security of consumers. The integration represents a proactive approach to cybersecurity that could set new standards for transaction security across the financial services industry, particularly benefiting smaller institutions that may lack the resources to develop such comprehensive security measures independently.
