Daily Archives: December 20, 2016

Boloro Launches Debit Authentication System To Combat Fraud In South Africa

NEW YORK, Dec. 20, 2016 /PRNewswire/ — Boloro Global Limited, a New York City-based technology company known for its globally patented, multifactor mobile authentication technology and mobile payment platform, has launched the first in a series of new, global products in South Africa to help eliminate fraud.

Boloro’s Debit Authentication System can easily prevent debit order abuse and fraud by enabling users to quickly and securely authenticate each transaction on their mobile phone before it is processed.

“Boloro literally puts security in the hands of each user, because only the user has its mobile handset and only the user knows its PIN, which must be entered on its phone to authenticate a transaction,” says Karl P. Kilb III, CEO of Boloro Global Limited. “Boloro is a seamless, cost-effective way to eliminate fraud, and it does not require a smartphone, app or Internet access,” Kilb added.

Kilb was previously at Bloomberg LP for 22 years, where he served as General Counsel and Chief Compliance Officer.

According to an article in Fin24, South African banks collectively process more than 56 million debit orders a month. Fin24 reported that about 800,000 debits are disputed every month. It is up to bank account holders to identify and reverse false debit orders with their bank, which is a stressful and time-consuming process for customers. During the course of 2017 and 2018, all banks in South Africa will require debit orders to be authorized by consumers before being processed by banks.

“Boloro is ideally positioned to address South Africa’s authentication requirement, as well as similar requirements that are expected to come to other markets,” Kilb said. “Prevention of fraud is the best cure for it, protecting banks and their customers. Boloro is rapidly becoming recognized worldwide as the fastest, most secure and easiest means of eliminating fraud by authenticating each transaction before it is allowed to occur.”

The Boloro Authentication System is a real-time solution, communicating with customers through special, secure messaging over the Mobile Operator’s SS7 connectivity. The system runs on Boloro’s patented, device agnostic, multifactor authentication and payment service platform, which makes payments and other transactions secure, immediate, user-friendly and fraud-free without disclosing any private information outside of the Issuer’s domain.

As mobile payments and on-line transactions continue to become more prevalent, the need to ensure that transactions are authenticated before they are processed continues to grow as well.

Boloro is actively licensing its technology in South Africa and other markets worldwide in connection with a growing list of use cases, including authentication of credit and debit card transactions, especially card-not-present transactions, as well as mobile banking, electronic trading, mass transportation, content purchases and health care.

Boloro’s mobile payment system is also an ideal way to replace cash, and works on any mobile phone, making it a truly global mobile authentication and payment processing technology.

About Boloro Global Limited:
Boloro is a unique, patented, handset neutral multifactor authentication technology and payments network that offers users the ability to securely transact using any kind of mobile phone and account without the need to download any app. Boloro’s secure authentication can be applied to any situation where the identity of the customer needs to be verified, including payment transactions. In payments, Boloro replaces cash and offers financial services to the many unbanked in emerging markets, accelerating their financial inclusion and access. Having processed over 50 million transactions, Boloro Global Limited is headquartered in New York City, and currently operates in Africa, South Asia and the Middle East, with expansion into the United States, India and other markets already underway. Boloro is now actively licensing its technology worldwide. For more information, visit www.boloro.com.

Contact Information:

Boloro Global Limited
43 West 23rd Street, 2nd Floor
New York, New York USA
Contact: karl.kilb@boloro.com
www.boloro.com

SA condemns murder of Russian Ambassador to Turkey

President Jacob Zuma has extended condolences to the government and people of Russia following the assassination of the Russian Ambassador to Turkey, Andrey Karlov.

The Russian diplomat was killed by a gunman at an art exhibition ceremony Monday in the Turkish capital of Ankara.

The Russian Foreign Ministry declared the attack a terrorist act, while President Vladimir Putin said it was designed to spoil Russian-Turkish ties.

President Zuma said South Africa joins the international community in condemning this brutal attack against a diplomat.

He said the assassination was in violation of the 1961 Vienna Convention on Diplomatic Relations and the 1963 Vienna Convention on Consular Relations.

“We would like to convey our deepest condolences to H.E President Vladimir Putin, the Government of the Russian Federation, and in particular, to the family of the Ambassador Karlov. We also wish those injured in the attack, a speedy and full recovery,” President Zuma said on Tuesday.

The President said terrorism in any form and from whichever quarter constitutes one of the most serious threats to international peace and security.

“Any acts of terrorism are criminal, unjustifiable and cannot be condoned. To this end, South Africa wishes to reiterate its commitment to international initiatives aimed at fighting the scourge of terrorism and violent extremism,” said President Zuma.

Source: South African Government News Agency

No consumer complaints about Ford Kuga : NCC

The National Consumer Commission (NCC) says it has not received any complaints from consumers about the Ford Kuga following media reports of engine overheating in the vehicles.

The NCC held a meeting with vehicle manufacturer Ford SA last week.

In a joint statement on Tuesday, the NCC, an entity of the Department of Trade and Industry, and Ford SA said the company undertook to conduct safety inspections on all Kuga utility vehicles that have been sold in South Africa.

“The inspections will form part of precautionary measures instituted at the behest of the NCC after serious allegations of engine overheating on the Kuga vehicle surfaced in the media in recent weeks.”

“The NCC has to date not received any complaints from consumers about the Kuga vehicle,” said the Commission’s spokesperson Trevor Hattingh.

At the meeting which was chaired by NCC Deputy Commissioner, Thezi Mabuza, on Wednesday 14 December 2016, the company made representations to the allegations and informed the NCC of all matters related therewith, including its two separate investigations.

“The company has vowed to expedite its investigation into engine overheating incidents and will report back to the NCC with its findings by end of February 2017.”

Initially, a meeting between the two parties scheduled for 12 December 2016 was postponed to allow executives and technical experts from Ford to travel respectively from Europe and the United States of America to voluntarily appear before the NCC.

Meanwhile, Ford has undertaken to alert all Kuga owners to take their vehicles to a nearby Ford workshop or dealership for a free safety inspection.

Source: South African Government News Agency

SA condemns Germany attacks

South Africa has sent condolences to victims of the terrorist attack that struck in Berlin on Monday evening.

A truck ploughed into a Christmas market in the heart of Berlin, killing over 10 people and injuring nearly 50.

“The South African Government condemns in the strongest terms terrorist attacks in any form and from whichever quarter. We send our heartfelt condolences to the families and loved ones of the deceased and we wish all the injured speedy recoveries,” President Jacob Zuma said on Tuesday.

Also on Monday, a gunman stormed into the prayer hall of a mosque in Zurich, Switzerland, and opened fire wounding three people before fleeing.

President Zuma described the acts as “cowardly”.

“Acts of violence and extremism have no place in society and constitute a threat to development, peace and security. We wish the injured a speedy recovery,” he added.

Source: South African Government News Agency