Robert Carter, the 2008 Hessen regional winner of the European Satellite Navigation Competition, convinced the expert jury with his innovative IPAYMO solution, which makes use of signals transmitted by navigation satellites and offers improved security to support electronic, online and mobile payments.
The IPAYMO system comprises a modified cellular phone in combination with a robust, end-to-end suite of software and uses state-of-the-art Global Navigation Satellite System (GNSS) technologies to protect against fraud and abuse.
Satellite-provided GNSS data is a core component of the overall system, as it is the main input to the IPAYMO DNA sequencing system, a patent-pending methodology to authenticate the mobile phone.
IPAYMO based on a totally new approach
Furthermore, IPAYMO uses GNSS location and positioning data to check compliance with certain perimeter conditions and plausibility tests based on the actual whereabouts of the user and his/her cellular phone and the place of use.
"The IPAYMO concept system is based on a totally new approach to securing mobile payments and innovative software has been developed that does not follow conventional wisdom," said Robert Carter at the project presentation made during the Munich Systems 2008 Fair.
He added that, "IPAYMO dramatically improves the security of mobile and card-based payment systems in a world that is seeing losses spiral due to fraud and abuse. Currently, financial losses are estimated to be well over €7 thousand million annually in Europe alone."
IPAYMO ('I PAY MObile') is an add-on to existing payment schemes providing a security layer including secure multi-factor authentication.
In addition to its role as a gatekeeper, IPAYMO adds proactive monitoring and surveillance functions for e.g. card-based payments, such as the continuous tracking of the card's usage when explicitly requested by the card holder. An absolute novelty is the possibility to switch the card from a default 'disabled' mode to an 'enabled' mode and vice-versa. IPAYMO supports current electronic card system operators such as banks and payment card issuers; as a complement to current payment schemes, IPAYMO offers low capital investment requirements and operation costs.
IPAYMO's new concept core technology and associated methodologies can also be used outside the scope of the financial services industry, such as in the domain of secure digital rights management or for securely managing the authenticated origin of massive data streams transmitted publicly, for example, via the Internet.
Various patents are currently pending.
IPAYMO/Robert Carter, via
cesah - Centre for Satellite Navigation Hesse