GSMA Launches Global Mobile Money Certification Scheme

At the Mobile 360 – West Africa event, the GSMA announced the GSMA Mobile Money Certification launch, a worldwide scheme for cell money companies to provide more secure, extra transparent, and greater resilient monetary offerings to thousands and thousands of cellular cash users around the sector. The certification is predicated on an impartial assessment of a mobile money provider’s capability to supply comfortable and reliable services, defend the rights of purchasers, and fight cash laundering and terrorism financing. The certification is designed to decorate customer agrees with and accelerate business partnerships to put an excessive bar to which all companies can aspire.

“The GSMA Mobile Money Certification is a consumer-focused initiative, aimed toward giving clients self-belief that an issuer has taken steps to make certain their finances are insecure fingers, their rights are protected, and they could anticipate a high degree of customer support,” said John Giusti, Chief Regulatory Officer, GSMA. “With over 690 million debts globally, the cell cash industry is having a clear effect on the worldwide attempt to make bigger monetary inclusion, providing access to life-improving financial offerings and serving as a gateway to the digital economic system. Mobile money is immediately advancing 13 of the 17 Sustainable Development Goals with the aid of facilitating access to important services together with fitness and schooling, supplying employment possibilities and decreasing poverty.”

The certification scheme follows a three-year consultative procedure led by the GSMA, which labored together with carriers in Africa, Asia, and Latin America to apprehend the challenges in their enterprise and gather fine practices from those markets. Certification is open to all cell money carriers, whether they may be a cellular operator, a financial institution, or a different form of the price service provider. Orange Côte d’Ivoire, Safaricom (Kenya), Telenor Microfinance Bank Ltd. (Easypaisa Pakistan), Tigo Tanzania (Millicom Group), and Vodacom Tanzania are the first to be licensed, overlaying 98 million debts in four markets.

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The certification promotes the utility of steady hazard mitigation and client safety practices throughout key areas of business. The requirements consist of eight excessive-degree concepts and three hundred unique standards covering troubles, including security, customer rights, and the prevention of cash laundering, financing of terrorism, and fraud. The Certification criteria complement providers’ compliance efforts. However, it is going past regulation in its detail and scope, defining and selling industry high-quality practices in the element. Responsible commercial enterprise practices are important to help regulators gain their desires around financial inclusion, balance, integrity, and client safety.

The operational management of the certification is contracted to an unbiased scheme operator, Alliances Management, which has an obligation for training and overseeing impartial assessors make sure all checks are consistent and goal. The benchmark for achieving certification has been set excessive to serve as an aspiration to all vendors, and a skip mark of one hundred consistent with cent is required.

Alliances Management is an impartial and expert certification scheme operator appointed to behavior education, accreditation, and oversight of unbiased assessors to ensure that the tests are steady and objective. They have over ten years of enjoyment in designing, launching, and governing worldwide certification schemes.

The GSMA represents the pursuits of international cellular operators, uniting almost 800 operators with greater than 300 groups within the broader cell environment, together with handset and device makers, software program agencies, device providers and net groups, and establishments in adjacent industry sectors. The GSMA additionally produces enterprise-leading activities: Mobile World Congress, Mobile World Congress Shanghai, Mobile World Congress Americas, and the Mobile 360 Series of meetings.

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These and many other insights are from the recently published Verizon Mobile Security Index 2018 Report. The report is available here for download (22 pp., PDF, no opt-in). Verizon commissioned an independent research company to complete the survey in the second half of 2017, interviewing over 600 professionals involved in procuring and managing mobile devices for their organizations. Please see page 20 of the study for additional details on the methodology.

The study found that the accelerating pace of cloud, Internet of Things (IoT), and mobile adoption outpaces enterprises’ ability to scale security management, leaving companies vulnerable. 32% of enterprises are sacrificing security for expediency and business performance, leaving many core infrastructure areas unsecured. When there’s a trade-off between the expediency needed to accomplish business performance goals and security, the business goals win most of the time. Areas enterprises that made this trade-off of expediency over security were 2.4x as likely to suffer data loss or downtime.

The study points out that it’s not due to losing devices, inadvertent security errors, or circumventing security policies. It’s the threat of employees using their secured access for financial or personal gain. 58% of senior management leaders interviewed view employees with secure access as the most significant threat. 79% of enterprises consider their employees the most significant security threat. Security platforms that can stop credential attacks using risk assessment models predicated on behavioral pattern matching and analysis by verifying an employee’s identity are flourishing today. One of the leaders in this field is Centrify, which espouses Zero Trust Security. The following graphic from the study shows the priority of which actors enterprise leaders are most concerned about regarding threats, with employees being the most often mentioned.