tomato pay: Comprehensive security and compliance with Promon SHIELD® 

tomato pay is a QR-code based payments app that enables SMEs and sole traders to seamlessly collect payments and manage cash flow. The company is making life easier for consumers too; with tomato pay, customers no longer have to manually enter bank details, remember sort codes or visit cashpoints. Although payments are 100% secure and verified with Touch-ID or Face-ID, the recent rise in cybersecurity incidents made tomato pay explore additional security to further strengthen the integrity of their app. Following a thorough review, they decided on Promon SHIELD™.

Digitialization drives cyber risks in fintech

Like the rest of the financial services sector, the payments industry is on alert about a rise in cybersecurity incidents, a concern that has only become more acute with the Covid-19 pandemic. As more and more consumers embrace new methods of payment on e commerce sites, questions over cybersecurity have become critical for businesses. Server attacks and data theft are in fact top concerns for today’s financial institutions, said Anna Tsyupko, Chief Operating Officer of tomato pay.

Cyber attacks is the biggest threat facing fintech companies these days, and that was the main driver behind our decision to implement app shielding

Anna Tsyupko, Coo at tomato pay

Increased mobile banking usage has also contributed to more attacks via app-based trojans and fake banking apps. A trojan creates a false version of a bank’s login page, and overlays it on top of the legitimate app. Once someone enters their credentials into the fake login page, the trojan steals their login information, often without the person even knowing they have been compromised. “By virtue of being a regulated financial institution, security is absolutely paramount. Anything that we can do to ensure the integrity of our products is top priority”, Tsyupko said.

Earlier this year, tomato pay decided to integrate Promon SHIELD®. This enables the company to secure their app and meet regulatory requirements, while maintaining a seamless user experience

Easy to comply with regulatory requirements

When evaluating providers, the solution’s comprehensiveness, Android and iOS compatibility, flexibility and market reputation were important criteria. In addition, well-documented experience from the financial services industry was deemed important, Tsyupko said.

We’re comprehensively protected with Promon’s solution. There are also a number of things we need to put in place to meet various regulatory requirements, and Promon has made it a lot easier for us to comply. We can now spend more time focusing on the core product.

Anna Tsyupko, coo at tomato pay