INDEPENDENT NEWS

Sibling Duo Take on Paywave Insecurity

Published: Tue 6 Aug 2013 10:39 AM
Sibling Duo Take on Paywave Insecurity
AUCKLAND – With public anxiety around the pervasive contactless credit card technology growing, and despite resistance from big banks, two seasoned Kiwi entrepreneurs have come up with a simple solution to protect New Zealand credit card users from unauthorised payWave and Pay Pass transactions.
Despite many voicing concerns about the security of the new technology, banks have firmly stated customers are unable to opt-out of the PayWave technology. It was with this that siblings Andreas and Lora Vaioleti set out to provide thousands of credit card owners with a choice to physically opt-out, and they initially had the banks themselves in their sights as a logical business partner.
“We actually approached a number of banks and even the contactless technology providers themselves first, believing they would be interested in offering the option to their customers to ease any perceived risk, but they did not take it up. We knew the public was concerned - we were concerned - so we went ahead anyway and decided to provide this safety net directly to the consumer” stated Technical Advisor, Mr. Vaioleti.
CEO of a major motor scooter retailer in Auckland, Mr. Vaioleti says “Knowing the technology exists for simple e-pickpocketing, carrying a payWave enabled card without tangible protection feels like riding a scooter without a helmet on”.
The kiwi-designed security slip, Valt was extensively tested and proved 100% effective in blocking Radio Frequency Identification (RFID) waves that can lead to unauthorised reading of an unprotected credit card, even through thick clothing and wallets. Mr. Vaioleti states presales of Valt have proven very promising.
“The demand from the public for added security is strong, and since listing presales only a couple of days ago, sales have taken off” says Mr. Vaioleti.
“Banks should have stepped up and addressed these concerns that have been rife in the media for weeks. We are now looking into supplying major New Zealand retailers so that this slip is easily available to the public. It is a simple and affordable option and people need to be given this choice”
ends

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