Devel Systems, S.A., a part of Devel Group: Broadening the Scope of Multi-factor Authentication (MFA) in Latin America

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Lesther Vega, CTO, Devel Systems, S.A., a part of Devel GroupLesther Vega, CTO
Due to the low adoption of cybersecurity measures such as MFA, many cyber crimes have exposed the alarming vulnerabilities of enterprise systems and consumer-facing I.T. in Latin America in recent years.

The COVID pandemic required a great demand for digital transformation in the financial sector, doubling and even tripling transactions. But, unfortunately, it is in these scenarios where scammers find their opportunity to carry out several phishing attacks— impersonation by email and even calls posing as financial institutions.

According to LexisNexis in its 2021 study for Latin America, a fraudulent transaction costs 3.68 times more than the value of the money lost, and the multiplier keeps growing every year.

One of the most widely used mechanisms today to protect user transactions is two-factor authentication (2FA). However, customers in the region tend to share 2FA one-time passwords (OTPs) with cyber attackers. Against the backdrop of this rampant vulnerability, Devel Systems, S.A., a part of Devel Group, has taken on the responsibility to create a customized 2FA solution for this market, thus creating DSToken®. “Within our portfolio, there are currently cybersecurity solutions, digital transformation, payments, open banking, and SaaS banking,” mentions Lesther Vega, the CTO of Devel Systems, S.A., a part of Devel Group.
DSToken® has allowed financial institutions to massify the use of this technology for all their users because it has the flexibility wherein they can decide the way they’d want to use two-factor authentication (2FA), by SMS, email, push notification, soft token, or through a hardware device. This allows companies as well as users to feel more comfortable when using this type of technology based on their needs.

We specialize in providing integral solutions for the fintech ecosystem in Latin America


One of the solution’s main advantages is the custom rules engine, which can detect the devices from which the users connect to an application, allowing them to configure rules for, say, if it is a recurring device that does not request 2FA or if the sum of all the amounts transferred on the day is greater than $5,000, the system should request fingerprint or facial recognition.

This custom rule engine is based on monitoring real-time data of users and learning their behavior.

With a mission to unite Latin America’s financial sector with people through a digital ecosystem, Devel Systems has two great advantages. First is the tool’s decision-making power based on the real-time monitoring data and offering a Soft token White Label mobile application, which is transparent to users. Secondly, the company also offers the integration of its mechanisms within existing channels, so users do not need to download another application. “We specialize in providing integral solutions for the fintech ecosystem in Latin America,” says Vega.

Currently, the implementation time of Devel’s on-site solution is approximately two months in financial institutions. They are also working on a new version that will allow a complete implementation in less than 15 days. The future looks bright for the company.
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Devel Systems, S.A., a part of Devel Group

Company
Devel Systems, S.A., a part of Devel Group

Headquarters
Guatemala, Outside U.S.

Management
Lesther Vega, CTO

Description
With a mission to unite Latin America’s financial sector with people through a digital ecosystem, Devel Systems offers DSToken® to broaden and make flexible the implementations of 2FA. DSToken® has allowed financial institutions to massify the use of this technology for all their users because it has the flexibility wherein they can decide the way they’d want to use two-factor authentication (2FA), by SMS, email, push notification, soft token, or through a hardware device. This allows companies as well as users to feel more comfortable when using this type of technology based on their needs.