The future of digital onboarding is here

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An integration between two of pbDigital’s software platforms makes it possible for financial institutions to digitally onboard customers in record time.

A recent integration between SignFlow and pbVerify has created a platform for digitally onboarding customers that is about to change the way credit is granted –in terms of risk management, compliance and convenience.

Although pbVerify has offered digital onboarding – an advanced customer activation product designed for financial institutions – for some time, never has this tool been as powerful as it is now, with the incorporation of SignFlow digital signatures.

Digital onboarding was introduced specifically to A) improve the customer experience by making it easier for them to activate and use financial services products, and B) give financial institutions a more secure and scalable means of growing their business.

That said, it makes no sense for institutions and their customers to have to switch back to manual halfway through the digital process of onboarding, to finalise the process with signatures – the old way of doing things.

Since pbDigital is all about innovation, meet the new way of doing things…

Now, with pbVerify’s integration with SignFlow, you can say goodbye to the expensive and onerous manual methods associated with finalising the process of customer onboarding – printing of forms, signing by hand, scanning, uploading and emailing – and say hello to a new fast and fail-safe system that allows institutions to onboard customers entirely online, in a fraction of the time and at a fraction of the cost.

No longer do red tape and geographical circumstances play a part in how long it takes to finalise the onboarding process. With SignFlow, it is simply a case of sending the completed online form to the designated signatory or signatories for approval – all via a secure, legal online platform. No more physical records, no more running around, no more waiting – and, most importantly, no more jeopardising of customer data.

Compliance & security

In today’s legal milieu, with the Financial Intelligence Centre Act (FICA) of 2001 and the Protection of Personal Information (POPI) Act of 2013 binding businesses to stricter data protection criteria than ever before, there is no margin for mistake.

With pbVerify and SignFlow behind your onboarding process, FICA and POPI compliance concerns are a thing of the past.

These software platforms – now integrated into one seamless onboarding solution – offer financial institutions an efficient and guaranteed means of making sure business processes and IT systems comply with the law when dealing with customer data.

 

This is how our new onboarding solution works, in a nutshell:

Front-end: Customer Online App

  1. The customer fills out pbVerify’s intelligent digital onboarding form (complete with auto-population and including Home Affairs/CIPC verification, as applicable).
  2. Details of the designated signatory or signatories (approver/s) are entered.
  3. The signatory/signatories are notified pbVerify has received a customer activation form, of which they are the listed party/parties responsible for sign-off.
  4. The said party/parties follow the link provided, and sign the application form online using SignFlow.
  5. The application process is complete.

Back-end: Admin/Credit Control

  1. Once the customer has completed the application, admin/credit control will get notified of a pending application and can log in to the admin portal, in order to run the required credit and compliance checks.
  2. The digitally-signed agreement/contract can be downloaded online for review and compliance validity confirmation.
  3. If required, different checks can be generated such as CIPC, Bank Code Updates and Full Credit reports.
  4. Once checks are done, the system can notify the relevant department of the application status and pending credit facility.

NOTE: All internal checks are scoped according to customer-specific scope and requirements. This is all customisable, according to business’ specific needs.

Welcome to the future of digital onboarding – an error-free, fast, secure way of procuring new customers.

 

ABOUT OUR COMPANY

pbVerify and SignFlow are products of pbDigital, a division of customer communications firm PBSA.

About pbDigital

pbDigital is the software division of PBSA, which specialises in a range of software products designed to help clients communicate more efficiently with their customers.

pbDigital’s software offerings can be classified according to the following categories:

  • eSign document workflow, digital signature and PKI integration solutions (SignFlow https://www.signflow.co.za/)
  • Credit risk management, data & credit bureau API integration and customer on-boarding
  • Enterprise content and document management
  • Business process automation software with multi-channel output tools and workflow

 

About PBSA

With a rich history of innovation dating back over 90 years, PBSA (formerly Pitney Bowes SA) is a leading customer communications company, offering software, equipment and services to help companies improve operational efficiencies and connect with their customers in more meaningful ways.

Based in Midrand, Gauteng, PBSA understands both hardware and software solutions and is optimally positioned to provide a secure, committed support infrastructure to its Southern African customer base. The company’s solutions help companies engage customers, gain business insight, manage document workflow and ultimately optimise overall business performance.

PBSA believes innovation and growth go hand-in-hand with long-held ideals such as collaboration, integrity and accountability.

PBSA embraces the fast-changing world of technology, which today sets the tone for the business going forward. The company has transformed – and continues to transform – from a purely paper-based to an integrated digital business that serves the market through its own time-honoured patented technology and an extensive network of channel partners.

Everything the company does has one goal – to help its clients communicate more effectively with their customers.

SignFlow engineers terminate menacing Bitcoin virus

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pic for SignFlow bitcoin blogA dangerous Bitcoin-mining virus has been detected and disabled by two of our IT experts.

A potentially devastating Bitcoin-mining virus has been stopped in its tracks, thanks to the vigilance and quick actions of SignFlow (a PBSA brand) engineers William Vermaak and Morne Wilken.

Vermaak and Wilken detected malicious activity on one of their customer’s servers last week, immediately analysed the source of the virus and un-infected the server.

According to Vermaak, the virus had gone undetected by all available virus packages. “We submitted samples to ESET the next day and [the company] immediately responded from its virus lab in Denmark, confirming the virus was wild and that detection for the threat had been added to its latest definition updates.”

Founded in 1992, ESET is a Slovakia-based IT security company that offers anti-virus and firewall products such as ESET NOD32. The security company named the virus winlog.VBS – VBS/TrojanDownloader.Agent.QE trojan winlog.bat – BAT/CoinMiner.UG Trojan.

By the time of detection, the virus had already infected 0.04% of Windows computers in South Africa, while Russia was hardest hit, with 0.5% of all Windows computers infected. Windows is currently the most popular end-user operating system in the world.

Essentially a Bitcoin-mining virus, the Winlog Virus downloads a Bitcoin CPU miner on the victim’s computer, and then mines Bitcoins for the virus originator. Vermaak says this type of virus is particularly evasive. “It tries to make itself resilient and configures various system schedules to start it again if it’s stopped. The virus will also install itself on the system as a system service.

“The virus infiltrates the System Registry and changes some keys to make itself run again if it’s shut down. Shortcuts on the victims’s Desktop are modified to run the virus and these then run the original program, in an attempt to mask it’s presence. The virus also copies itself into various other files on the system – including Microsoft.exe – to try ensure resilience.”

Prevalent pest

According to Manuel Corregedor, chief operations officer at information security company Telspace Systems, Bitcoin-mining viruses have become rampant. “There has definitely, in recent times, been an increase in Bitcoin-mining viruses – in particular the diversification of the type of currencies they mine.”

Almost three months ago, Russian president Vladimir Putin’s Internet advisor, Herman Klimenko, issued a dire public warning that 20 to 30 percent of all computers in Russia were infected with computer malware designed to turn devices into Bitcoin-mining machines.

At the time Klimenko told Moscow-based news broadcaster RBC that viruses that install bitcoin-mining software are the “most common and most dangerous” type of computer malware in existence.

Corregedor says the main issue Bitcoin-mining malware creates, is that it negatively impacts the performance of the victim’s computer. “[The malware] does this by stealing/utilising the infected computer’s resources (CPU, GPU, RAM, etc). This may result, over time, in increased wear and tear, which may cause the computer to fail or cease.” On top of this destructive consequence, he adds, there are other costs associated with increased power consumption.

But this destructive malware goes even further. Apart from the said performance impact, Corregedor notes that – apart from mining Bitcoins – it  has also been seen launching web- and network-based attacks, such denial of service attacks, login brute force attacks and web application attacks.

“It should also be noted that the danger [with Bitcoin-mining malware] is further increased due to the fact that [it] has been found to be infecting Internet of Things devices i.e. web cameras, routers, Network Attached Storage devices, etc.  The infections have mainly occurred due to these devices having default credentials configured on them – for example user name admin and password admin on a router.”

Protection pointers

Corregedor says users can protect themselves against these kinds of malicious virtual attacks by ensuring their operating systems (Windows, Linux etc) are up to date with the latest security updates (patches).

He gives the following pointers:

  • Ensure you have anti-virus software installed and that it is up to date
  • Ensure your devices are not using any default login credentials and/or weak login credentials, in particular devices such as routers
  • Enable/install a Firewall
  • Install a HIPS (Host Intrusion Prevention System)
  • Be cautious/aware when it comes to receiving unexpected emails with attachments and/or installing potentially unwanted software

“Attackers are constantly scanning the internet looking for devices that are not up to date and/or are not configured securely (for example using default credentials).  Once such systems are identified, they are infected with malware,” he warns.

“Additionally, attackers are also constantly sending out spam/phishing emails that contain malicious attachments.”

Corregedor says, while South Africa is just as vulnerable as any country when it comes to infection, the country’s lack of a National Information Security Awareness campaign could render it in deeper danger.

SA experts stop bitcoin virus

Published by IT-Online on 17 October 2017

A dangerous Bitcoin-mining virus has been detected and disabled by two Johannesburg-based IT experts.

White hat ethical hacker William Vermaak, from PBSA’s digital arm pbDigital, and senior software developer Morne Wilken, detected malicious activity on one of their customer’s servers last week. The two immediately analysed the source of the virus and uninfected the server.

According to Vermaak, the virus had gone undetected by all available virus packages.

“We submitted samples to ESET the next day and [the company] immediately responded from its virus lab in Denmark, confirming the virus was wild and that detection for the threat had been added to its latest definition updates.”

By the time of detection, the virus had already infected 0,04% of Windows computers in South Africa. Russia was hardest hit, with 0,5% of all Windows computers infected.

Essentially a Bitcoin-mining virus, the Winlog Virus downloads a Bitcoin CPU miner on the victim’s computer, and then mines Bitcoins for the virus originator.

Vermaak says this type of virus is particularly evasive. “It tries to make itself resilient and configures various system schedules to start it again if it’s stopped. The virus will also install itself on the system as a system service.

“The virus infiltrates the System Registry and changes some keys to make itself run again if it’s shut down. Shortcuts on the victims’s Desktop are modified to run the virus and these then run the original program, in an attempt to mask it’s presence. The virus also copies itself into various other files on the system — including Microsoft.exe — to try ensure resilience.”

Almost three months ago, Russian president Vladimir Putin’s Internet advisor, Herman Klimenko, issued a dire public warning that 20% to 30% of all computers in Russia were infected with computer malware designed to turn devices into Bitcoin-mining machines.

At the time, Klimenko told Moscow-based news broadcaster RBC that viruses that install bitcoin-mining software are the “most common and most dangerous” type of computer malware in existence.

 

SA white hat hackers disable Bitcoin-mining virus

Published by ITWeb on 17 October 2017.

A dangerous Bitcoin-mining virus has been detected and disabled by two Johannesburg-based IT experts.

A potentially devastating Bitcoin-mining virus has been stopped in its tracks, thanks to the vigilance and quick actions of two local IT experts.

Although mining Bitcoin with regular computer hardware is no longer profitable, that isn’t keeping criminals from giving it a try. Over the past few years, there have been several types of Bitcoin-mining malware, infecting computers all over the world.

White hat ethical hacker William Vermaak, from PBSA’s digital arm pbDigital, and senior software developer, Morne Wilken, detected malicious activity on one of their customer’s servers last week.

The two immediately analysed the source of the virus and uninfected the server. “Unfortunately, the only trace left in the code by the originator is the Bitcoin wallet that the Bitcoins will be deposited into. To trace the Bitcoin wallet is extremely difficult and you will need a police warrant to get any information from the Bitcoin companies hosting the wallet,” says Vermaak.

According to Vermaak, the virus had gone undetected by all available virus packages. “We submitted samples to ESET the next day and [the company] immediately responded from its virus lab in Denmark, confirming the virus was wild and that detection for the threat had been added to its latest definition updates.”

Founded in 1992, ESET is a Slovakia-based IT security company that offers anti-virus and firewall products such as ESET NOD32. The security company named the virus winlog.VBS – VBS/TrojanDownloader.Agent.QE trojan winlog.bat – BAT/CoinMiner.UG Trojan.

By the time of detection, the virus had infected 0.04% of Windows computers in SA, while Russia was hardest hit, with 0.5% of all Windows computers infected. Windows is currently the most popular end-user operating system in the world.

Essentially, a Bitcoin-mining virus, the Winlog Virus downloads a Bitcoin CPU miner on the victim’s computer, and then mines Bitcoins for the virus originator. Vermaak says this type of virus is particularly evasive.

“It tries to make itself resilient and configures various system schedules to start it again if it’s stopped. The virus will also install itself on the system as a system service. It infiltrates the System Registry and changes some keys to make itself run again if it’s shut down,” Vermaak explains.

“Shortcuts on the victim’s desktop are modified to run the virus and these then run the original program, in an attempt to mask its presence. The virus also copies itself into various other files on the system – including Microsoft.exe – to ensure resilience.”

Bitcoin-mining machines

Almost three months ago, Russian president Vladimir Putin’s Internet advisor, Herman Klimenko, issued a dire public warning that 20% to 30% of all computers in Russia were infected with computer malware designed to turn devices into Bitcoin-mining machines.

At the time Klimenko told Moscow-based news broadcaster RBC that viruses that install bitcoin-mining software are the “most common and most dangerous” type of computer malware in existence.

With the surge in Bitcoin-mining viruses, Vermaak says: “You need to keep your anti-virus software updated, and your operating system on the latest updates.

“With the growing demand for Bitcoin, this is sure to escalate in the near future, but it is still very new so hopefully we’ve stopped this method of infection for now.

“These days there is no such thing as a bulletproof system. Everything has got some weakness whether it’s a known or unknown vulnerability. Someone will find a vector that no one will think of to gain access to a system and use it to their advantage. The only thing you can do is to minimise the risk by using a good anti-virus package and to do backups regularly,” Vermaak concludes.

SignFlow ties up with Accfin to digitise accounting processes

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The integration of two state-of-the-art software platforms transports the accounting profession into a new world of digitisation.

Digital signature workflow solution SignFlow and accounting software firm Accfin have integrated their respective software platforms, in a move that places the accounting profession securely in a new and exciting world of digitisation.

Accfin, a local software firm leading the way in automation of back-office systems for accounting and auditing companies, grew out of an accounting firm over 20 years ago. The recent tie-up with SignFlow – a locally developed and internationally recognised digital signature solution – essentially automates the entire communication process involved in the accounting practice.

Leon van der Merwe, head of digital at SignFlow parent company PBSA, explains, “By using the SignFlow feature in Accfin software, you eliminate the need for print, courier and e-mailing of sensitive documents to customers – and then having to wait days, even weeks for a response.

“SignFlow is built on a powerful, digital workflow engine that tracks progress and instils accountability and auditability. Apart from the obvious environmental advantages the solution offers, the value of saving time through increased efficiency, is most valuable to accountants, who work under tremendous time pressure.”

Accfin MD Mark Silberman says the integration with SignFlow “changes the state of play” in the accounting market place. “It automates the communication process. Our software allows accounting firms to communicate with their clients. The integration of SignFlow with [Accfin’s] Sky Software allows the customers of the accountant to authorise the filing of tax returns and approve company resolutions.”

Accfin, which strives to provide state-of-the-art back office systems to South African accounting firms, currently provides automation software across the sector – from large international firms, to small sole practitioners.

Van der Merwe says SignFlow is proud to be associated with Accfin Software – a company that is “definitely leading the way in automating back office systems for accounting and auditing firms”.

“SignFlow is fast becoming the most trusted digital signature workflow solution in South Africa, especially within the auditing and financial sectors,” concludes Van der Merwe.

ACS partnership bolsters digital certificate security

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SignFlow has teamed up with Altech Card Solutions to offer Thales hardware security modules to its digital signature customers.

In a move that will see users’ private keys and personal digital certificates receiving a serious security boost, SignFlow has partnered with Altech Card Solutions (ACS), a division of Altron TMT, to offer Thales HSMs (hardware security modules) to digital signature customers.

Using SignFlow’s PKCS#11 cryptographic interface, SignFlow uses Thales NShield Connect HSMs to perform highly specialised cryptographic operations, and to fully manage and secure private keys and personal digital certificates.

Head of digital at SignFlow’s parent company PBSA, Leon can der Merwe, says the partnership with ACS sees SignFlow extending its integration reach to include the Thales NShield range of network attached, FIPS 140-2 Level 3 HSMs.

“Apart from deploying the NShield devices in the highly-secure SignFlow Cloud, we now also offer the NShield range to corporate customers who would like to localise and manage their SignFlow private keys in private data centres.”

The SignFlow HSMs are directly integrated with multiple local and global CA’s (Certificate Authorities) to offer stringent, legally compliant Advanced Electronic Signatures (AES), Qualified Electronic Signatures (QES) and Adobe Approved Trust List (AATL) certificates, which are applied to documents through its digital signature application.

A division of Altron TMT (Pty) Ltd, ACS was formed in 1993 and is today firmly established as a leading player in the secure electronic transactions market.

It is Thales’ established track record in the payments security space and global footprint in hardware and software encryption solutions that makes this partnership so advantageous, says ACS.

SignFlow, an enterprise-class digital signature and document workflow application, was born in a digital era that has seen new business opportunities emerging as paper-based systems are replaced by digital platforms.

SignFlow digital signatures are powered by robust public-key infrastructure (PKI) technology, which is recognised as best practice for ensuring digital accountability. SignFlow digital signatures offer an effective, secure and legally compliant method of providing accountability during electronic transactions.

“Our partnership with ACS will benefit customers across the spectrum – including consumers using SignFlow’s SignFREE to sign documents, businesses using the SignFlow Cloud to distribute documents and government and corporate institutions using SignFlow’s Enterprise Hybrid Servers and Private Network Servers to digitally sign and workflow documents for sign-offs,” says Van der Merwe.

FICA compliance made easy

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SA’s leading data bureau gives businesses the key to pain-free compliance.

Although the Financial Intelligence Centre Act (FICA) came into effect almost a decade and a half ago, it is as relevant today as the day it was conceived.

Instituted in 2003 to curb financial crimes, such as money laundering, tax evasion, and terrorist financing activities, FICA is a law that all financial institutions need to comply with. This includes any business that provides credit facilities in any form – whether assets like houses and cars, or retail items like mobile phone contracts and appliance/clothing accounts – or cash in the form of loans.

FICA basically makes it incumbent on all aforementioned financial services companies to reassess their entire client list, in order to ensure that all clients’ identities and finances can be verified. Think of it as a sweeping credit check of every person in an existing database – it is a means of identifying any individual who could potentially pose a threat to your company.

As with any law governing how businesses handle customer identification and verification processes, and how they manage records, FICA is multifaceted, and comes with severe penalties for businesses that are non-compliant.

Pain-free compliance

But, as daunting as this may sound, it does not need to be – nor does FICA compliance need to be another headache you have to deal with as a credit providing company.

South Africa’s leading data bureau, pbVerify, offers a range of services to make your path as a business striving for FICA compliance as straight as possible.

A division of pbDigital, under Customer Communications firm PBSA, pbVerify is essentially a credit risk management tool for any size business in South Africa that grants credit accounts and payment terms to other businesses and/or to South African consumers.

pbVerify’s online web-based tools help companies assess credit risk by evaluating the credit history of any business and its principles and/or any consumer a company wishes to grant credit terms to. This is done via multiple credit bureaus and other business critical data providers, through one easy-to-use website.

Included in pbVerify’s suite of services, are the following consumer credit check products, which offer your business a painless means of becoming FICA compliant:

Consumer traces for address validation: facilitated by three of South Africa’s main data credit bureaus – XDS, TransUnion and Compuscan – pbVerify’s consumer trace service gives you access to consumers’ latest  contact information.

Bank account verification: pbVerify’s Bank Account Verification Service allows you to efficiently verify the bank details of a consumer, and determine the status of their account – whether the account is currently active, open or closed and whether it has been open for more than three months. The service is available for the 5 major banks in South Africa only.

CIPC Company & Director Verification: pbVerify’s CIPC Company Search Report – one of the most advanced CIPC search tools in South Africa – allows customers to easily retrieve and verify all registration information related to any registered South African business and its principles. Complementing this search too, is the CIPC Director Search Report.

ID Verification: The pbVerify Home Affairs ID Verification tool is used to determine the correct identity information on South African citizens. (This validates the consumer’s identification, but does not confirm whether or not they are credit active)

Alongside this, pbVerify’s ID verification API is used by various corporations, retailers, telecommunications companies, online service providers and system integrators to instantly verify identities for an range of different functions, including customer identification at point of sale, fraud prevention, online transaction verification, customer relations, human resource software and more.