CASE STUDY
Future-Proofing P2P Payments: Rescuing a UK Bank from Legacy Security Traps with NetRemit
Legacy System Cripples P2P Security: NetRemit Strengthens UK Bank’s Security, Eliminating Legacy System Vulnerabilities.
Client Overview
An international bank in UK specialised in P2P money transfers between the UK and Pakistan faced security difficulties stemming from its legacy system. As a secure and scalable P2P solution was mandatory for the bank’s seamless operations, the bank turned to NetRemit, an all-encompassing cross-border payment platform.
Challenges Faced
The client faced several critical security challenges including:
- Weak authentication
- Insecure OTP management
- Inadequate encryption
- Unsecured communication channels
- Lack of real-time monitoring
- Limited fraud detection tools
- Outdated security patches
- Limited scalability for security measure
Solutions Implemented
NetRemit addressed the critical security vulnerabilities of the legacy system through a multi-pronged approach, leveraging cutting-edge technology:
- Strong multi-factor authentication via random, unpredictable, and resistant OTPs, biometric data, and security tokens.
- Implementation of AES (256-bit encryption), HSMs, & VAPT.
- Dynamic transaction routing functionality & Instant notification alerts.
- Secure API integration
- Incorporation of AI algorithms for advanced fraud detection.
- Automated identification of red flags or suspicious transactions.
- IP restrictions to control access to the admin portal.
- Cloud-based infrastructure and dynamic configuration & control capabilities to accommodate latest security patches and growing business demands.
Results Obtained
- Mitigated the risks associated with hacking, phishing attempts, unauthorized access, and data breaches.
- Minimised financial losses from fraudulent transactions.
- Automated processes & streamlined operations.
- Fostered secure and reliable P2P experience.
- Enabled the bank to meet growing demands and industry regulations securely.
