CyberloQ Technologies, Inc. (OTCQB: CLOQ) announced today the integration of its CyberloQ Secure™ multi-factor authentication solution into PayOnward’s digital payments platform. PayOnward, a provider of cloud-native universal payment solutions for credit unions and community-based financial institutions (CBFIs), will implement CyberloQ Secure™ to protect clients from a range of digital security threats, including Business-to-Business and Business-to-Consumer fraud.
Cyber fraud remains a significant challenge for financial institutions, particularly community-based ones that may lack the resources of larger banks. The impact extends beyond financial losses, potentially disrupting operations, damaging reputations, and harming consumers. CyberloQ Secure™ addresses these risks by authenticating users on every transaction using location data, unique one-time passcodes, and biometric verification such as fingerprint, face, or voice recognition.
By integrating CyberloQ Secure™, PayOnward aims to prevent fraudulent activities such as unauthorized fund diversions, spoofed accounts receivable links, fake vendor payments, and account takeovers resulting from compromised credentials. The solution provides real-time, risk-based authentication, ensuring that only legitimate users can initiate transactions.
“PayOnward is excited to be working with CyberloQ Technologies to offer this extra layer of security to our clients,” said Cary Strange, CEO of PayOnward. “By integrating with CyberloQ Secure™, we will be able to address one of the most pressing concerns for credit union and CBFI clients. By reducing fraud at the account and transaction level, our clients can be even more confident that their customers and their brand are protected from the costly consequences of cybercrime.”
Chris Jackson, President and CFO of CyberloQ Technologies, emphasized the growing threat landscape: “Cybercriminals never sleep. And the risk they represent for financial institutions is significant and growing. CyberloQ Secure™ provides real-time, risk-based authentication around the clock for companies where trust and security are mission critical. We look forward to helping PayOnward’s clients remain protected and secure.”
For more information about CyberloQ Technologies, visit www.cyberloq.com. For details about PayOnward, visit pay-onward.com.
