A Yorkshire entrepreneur is setting his sights on tackling the multi-billion pound fraud industry after pioneering a groundbreaking secure order transfer system, which he believes could consign telephone fraud to the history books.
Rotherham-based entrepreneur Jason Mace has spent nearly two years carefully developing and refining a unique Secure Order Transfer payment system, after his own business Gala Tent fell victim to fraudsters in 2014. After spending time looking for existing systems to help reduce his company risk to telephone fraud, he realised there wasn’t a suitable system available… so he invested in developing one.
During the past two years, Gala Technology has invested in the development of SOTPay, a unique payment transfer system which uses a series of rigorous card and customer checks to prevent fraudulent transactions from taking place.
The technology has been meticulously trialed and tested and uses 128bit encryption to produce a safe, secure environment which is fully compliant with the PCI Security Standards Council Level 4 standard, offering a similar level of security found amongst banks.
Recent Government figures have suggested, fraud cost the UK economy £30bn in 2015, with telephone fraud accounting for nearly 50 million transactions. Since launching the system it has eliminated 100% of Gala Tent’s own fraudulent telephone transactions, and following a successful trial period, the technology is now being rolled out to help other businesses combat telephone fraud.
The flexible system is designed to offer protection to businesses of all sizes, from sole traders to a call-centre environment and as well as reducing the risk of being subjected to fraud, it ensures that users are PCI DSS Compliant.
Jason Mace, founder of Rotherham-based Gala Tent said:
“Telephone fraud is one of the single largest threats to almost every business and can not only result in lost sales and revenue, but can also result in substantial fines if customer details are not protected securely. After one of my businesses began to be targeted by fraudsters, I began looking for ways of reducing the company’s risk to fraud but soon realised there wasn’t a suitable system available on the market.
“SOTpay elminates this problem by creating a secure environment which allows a telephone transaction to be undertaken safely. Fraud is one of the single largest threats to almost every business and telephone fraud accounts for nearly one in seven of fraudulent transactions in the UK. At Gala Tent 70% of our business is conducted over the telephone, which placed a considerable and unnecessary risk on the company.
“One of the main advantages offered by SOTpay is its flexibility. The technology provides protection to almost every type of business from a sole trader to a call centre environment, whilst crucially helping businesses to remain fully PCI DSS Compliant. We believe the technology could help to eliminate telephone telephone fraud and has the capability of not only benefitting businesses in the UK, but globally.”
SOTPay has already gained national acclaim, winning the prestigious UKIT – Security Innovation of the Year award, beating competition from high profile IT companies including: BT, Firehost and Random Storm.
Richard Jownally, Fraud Investigator at HSBC said:
“Fraud is an issue which can strike any business at any time but SOTPay is a fiendishly simple and effective way of helping businesses to reduce their risk. The technology works by using a secure 3D payment gateway which not only helps to deter fraudsters, but also protects the merchant.
“The technology makes it difficult for commonly used types of fraud to take place, helping to deter fraudsters whilst providing businesses with an added layer of security. I wish it was my idea!”