Consult Hyperion provides security design and testing consultancy for O2 Wallet
Latest project extends digital payment experts relationship with O2 following previous NFC and ticketing trials
Consult Hyperion, the independent consultancy which specialises in the field of secure transactions in contactless smart cards and mobile devices, has announced that it provided consultancy services to help O2 with the design and testing of the security elements of its new secure digital wallet service, ‘O2 Wallet’, launched last week.
O2 Wallet is a seamless and secure digital wallet service that provides users with a new way to send and receive money, compare prices and shop via a mobile phone. Consult Hyperion have been working with O2 for the last 6 months, helping them assess the security risks of the recently launched O2 Wallet. Using their Structured Risk Analysis process Consult Hyperion was able to advise O2 on the risks and potential vulnerabilities as the wallet was developed.
We recognisethat security is absolutely key in order for our customers to trust and want to use the service, so O2 Wallet has been trialed internally for months and has undergone extensive ‘stress-testing’ with the help of security experts Consult Hyperion,” said James Le Brocq, Managing Director at O2 Money. “Consult Hyperion and our partners have helped to develop what we believe to be one of the safest and most secure ways to deliver mobile payment services. In addition to PINs and passwords, all personal details and financial data are held on remote servers rather than on the mobile device itself, which we believe will give users complete piece of mind when transferring money or making purchases.”
The Structured Risk Analysis process has been developed by Consult Hyperion to provide organisations with a Risk and Vulnerability model that has been used to ensure that O2 Wallet, on launch, contains sufficient cost-effective countermeasures to mitigate exposure to any identified risks, whilst complying with relevant standards such as PCI DSS, surrounding electronic payments and the transfer of cardholder data. It takes an end-to-end view of security, rather than focusing on individual service elements, and so seeks to avoid security gaps arising.
“We’re pleased to have helped O2 develop its O2 Wallet, and believe that this is another major milestone for mobile commerce in the UK and a clear sign of O2’s ongoing commitment to bringing secure financial services via mobile phones to customers,” said Paul Makin, Head of Mobile Money, Consult Hyperion.“With the knowledge we’ve gained from previous pilots and trials and the rigorous testing involved in this project we’re confident that the time is now right, and consumers are ready to fully embrace transferring money and paying for things via their mobile phones be it online or via contactless payments.”
Consult Hyperion helps its customers to use new technology for secure electronic transaction services. Having been involved in the previous O2 ticketing trials that tested using NFC enabled mobiles as an Oyster card replacement to pay for travel on London's Underground network, in addition to many other mobile commerce schemes across the globe, Consult Hyperion were able to offer invaluable insight and knowledge of how to ensure maximum security protocols on O2 Wallet.