PAYFONT, the Edinburgh-based Cybersecurity and online identity protection specialist has been awarded £100,000 funding from Scottish Enterprise. The award will help Payfont bring closer to market its ground-breaking online security to counter data theft disasters such as impacted Adobe, Target and Amex, protecting millions of online users and their online providers from Cybercrime.
“We were delighted to support Payfont Limited with a grant of £100k from out SMART: Scotland Programme. The company was awarded Feasibility Study monies to assist them with their project which aims to provide a safe and secure environment for online payments.”
Cybersecurity expert, Professor Bill Buchanan of Edinburgh Napier University said:
“This work is unique, and continues our research work with Payfont into world leading cryptography designed to keep us all safe online. As part of the extensive Scottish Enterprise external due diligence process, an internationally respected firm of IP experts rated Payfont’s innovation at 4/4. This validates Payfont as a pioneer of world leading innovation in combating Cybercrime. Overall we love cryptography here and to implement a system in which information can only be rebuilt from crypto fragments is truly the Promised Land for computer security, where everyone has equal rights in how their data is used, and accessed.”
David Lanc, Chief Executive of Payfont said:
“We deliberately developed and patent protected our ground-breaking online security model, before having it independently validated by leading Cybersecurity experts. We took this measured approach to prove we had robust building blocks, and to quantify statistically the breakthrough in online security our innovation can deliver in bringing safe online life closer to us all.
We now know our next generation security model is robust and capable of delivering fantastic returns. The next stage in bringing it to market is to test the scalability of our architecture in systemically protecting millions of people and businesses online everywhere from the top global Cybersecurity threats.
The Scottish Enterprise award will help accelerate this.
If we can achieve the outcome we foresee from this feasibility study, we believe we can provide online organisations and their customers with the protection needed to grow digital commerce safely and with confidence.”
Cybercrime and its identity theft and money laundering consequences are now at epidemic proportions globally. Most recently, its been reported by UK banks that over £21m has been stolen from UK citizens in the first 5 months of 2014 from social engineering identity scams. This is on top of increased UK card fraud of £450.4m for 2013 up 16%. This epidemic has thrown a spotlight on the Payfont proposition as a rare opportunity to eradicate a problem that otherwise shows no signs of diminishing.