CIOInsider India Magazine
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It’s no secret that the Internet and the Operating System are inherently vulnerable to hacking and malware. Finding a permanent, patented solution to this predicament has been the game changer for Boloro Global Limited – a Delaware, US Corporation based in New York and that has a subsidiary in India. Boloro's ATM-like approach to authentication and patented process avoid the Internet and the Operating System from a secure layer on top of applications, providing security that is immediate and userfriendly. It banks on the physical phone you possess, memorized PIN/Password you know, and messaging over the secure signaling channel. Furthermore, the company also facilitates a complete keystroke-by-keystroke audit trail of comprehensive activities, while eliminating fraud & promoting transparency, and providing data necessary to demonstrate credit worthiness for financial inclusion. We recently got to talking with Karl P. Kilb III, CEO of Boloro Global Limited, and had a discussion about Boloro’s endeavors to eliminate fraud and establish transparency.
In conversation with Karl P. Kilb III, CEO, Boloro Global Limited
The digital realm is evolving dynamically and so are the security threats. From an industry standpoint, there is an on-going, deliberate effort to bring users to the epicenter of their own security control. Where is Boloro positioned in terms of enabling this?
Users are increasingly doing everything virtually, and they want to control their own security. Our patented process, Boloro Authentication puts security directly in the hands of the users, who can do all identity verifications, transaction validations and other
activities on their own mobile handset, on a secure channel that is separate from the Internet and Operating System. Boloro Authentication involves a message sent to the user’s physical handset and verification is made by the user with a memorized secret, such as a PIN or Password, which only the user knows. It can secure any usecase, including online banking, digital payments, eCommerce, logins and access to data, and we can even allow users to avoid contact with public ATM keypads and Point of Sale devices, which is an important way to help to stop the spread of COVID-19 and other illnesses. In a nutshell, with Boloro, security is in the hands of the user and users can keep their hands to themselves - everything on their own mobile handset.
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The Internet and Operating System are inherently vulnerable to attack, so Boloro avoids them, using the separate secure signaling channel of the mobile phone for authentication messaging and forming a layer on top of all apps, providing a foolproof authentication channel that avoids a single point of failure. Boloro Authentication is compatible with all mobile phones, including all smart & feature phones, making the process ideal for governments, banking, digital payment, eCommerce, access to data and other uses. We provide value with multi-factor and multi-channel security that is compatible with all mobile phones, easy to deploy via APIs, and locally hosted & controlled, and most importantly eliminates fraud.
Tell us about your Solutions. What’s the kind compliance framework that goes behind them?
Our authentication process enables our licensees to promote transparency and further financial inclusion. Boloro Authentication has been approved by the GSMA (Global Association of Mobile Carriers) and patented in 84 countries worldwide and it also meets the Secure Customer Authentication requirements of Europe’s Payment Services Directive (PSD2). In addition to Boloro Authentication, Boloro has a proprietary Authenticated Sharia Compliant Lottery, Betting, Gaming and eCommerce platform that is also available for whitelabel licensing and local hosting.
Share with us the success outcomes of your implementations in terms of deciphering the pain points and building a solution around it.
Our clients typically want a solution that is not only secure, instantaneous, and user-friendly, but also one that is compatible with all mobile phones and locally hosted, keeping all data in their environment in the country. Boloro Authentication addresses those needs, and it is easily deployed via APIs. We have continued to remotely complete integrations during the COVID-19 pandemic and that’s one of the reasons why we keep having success stories despite the pandemic. Each licensee can host and brand the solution, maintaining complete control over its customer relationships and data. These factors allow our licensees to solve their issues with one solution that is easily implemented and locally hosted.
Where is the company headed in the years to come? What’s the future roadmap of Boloro?
Boloro is already active and growing in India, parts of Africa, and the Middle East, and we are currently also expanding to other markets, including the Americas and Europe. Boloro Authentication solves problems across all aspects of identity verification and transaction validation, and we appreciate the importance of being able to deploy remotely via APIs and to allow licensees to locally host the solution, giving them control over all data and branding. As reliance on digital and virtual activity increases worldwide, Boloro will continue to work with governments, mobile network operators, banks, and merchants, among others to put security in the hands of users, protecting them from identity theft and other forms of fraud.
