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payfone named deloitte fastest growing company

NEW YORKNov. 8, 2019 /PRNewswire/ — Payfone, a leader in digital identity authentication announced it has been named to Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America now in its 25th year.

“It is an honor to be recognized for a third consecutive year by Deloitte on their prestigious 2019 Technology Fast 500™ list,” said Rodger Desai, CEO of Payfone.  “The fear of identity fraud and cyberattacks holds the digital economy back from its full potential. This fear overtakes the desire to deliver great user experiences and creates a “Trust Gap” whereby most companies can only ‘pass’ ~40% of customers during digital interactions, which is significantly lower than in-person approvals. Payfone allows billions of additional consumers to safely access digital services and experience the best possible user experiences without sacrificing security.”

For more information, see the full press release here >

Deloitte today celebrated the 25th anniversary and release of its “North America Technology Fast 500,” an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences, and energy tech sectors.

Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2015 to 2018. Over the past quarter century, the Fast 500 program has honored nearly 6,000 companies across North America.

For more information, see the full press release here >

PayPal Holdings Inc. and Synchrony Financial have been sparing about the details of a new credit card they plan to issue for PayPal’s Venmo peer-to-peer payment service, but on Monday a top Synchrony executive said the partners are counting on a key characteristic of Venmo to help market the new card.

For more information, see the full press release here >

Introduces further enhancements to new account set up accelerating convenience and speed 

 

October 28, 2019 —LAS VEGAS, Money 2020Synchrony (NYSE: SYF), a premier consumer financial services company, today announced more seamless and streamlined experiences for its customers to apply for credit and to make Synchrony Bank deposits. These industry-leading capabilities dramatically simplify the application and account opening processes by reducing the number of fields a customer completes, implementing prefill and redesigning the customer experience from the ground up. 

“Synchrony is passionate about driving seamless digital customer experiences,” said Synchrony Chief Marketing Officer Bart Schaller. “We’ve invested heavily in the technology and expertise needed to deliver the fastest and easiest experience possible for our customers.” 

Three Step Credit Application Process 

With nearly half of Synchrony’s credit applications originating online and via mobile, Synchrony recently unveiled enhancements to dApply, a digital process that now allows customers to seamlessly apply for credit in just three steps and receive approval right away. Synchrony’s robust technology architecture and data-driven credit decisioning, combined with its partnership with Payfone, a digital identity authentication leader whose capabilities passively verify phone line ownership, possession and behavior with Trust Score™, a real time assessment of identity confidence, enables the company to rapidly verify identities, guard against fraud, and approve credit almost instantaneously. 

Applicants simply enter the last four digits of their social security number into the digital form and verify the pre-filled information generated from their mobile device fetched from Payfone’s de-centralized identity graph, after explicit consumer consent. This is an 80% reduction in the number of fields a customer needs to complete. As a dynamic tool, dApply can be configured to each Synchrony partner, personalizing the look and feel with individual brands. The dApply system works across devices, from mobile to tablet to desktop.

Faster Bank Account Opening 

Utilizing the same technologies and learnings, Synchrony also dramatically simplified the process for Synchrony’s online bank customers to open and fund an account  — now in as little as five minutes. Employing advanced digital tools, the Synchrony Bank account opening process now has 50 percent fewer fields for a customer to complete. Customer information can be auto-populated in an online form, followed by a few simple questions. Customers no longer have to enter existing bank account information to fund an account, instead leveraging username and password to link accounts. 

 

“The investments we’ve made in our technology over the past few years have helped us leapfrog the competition and deliver seamless experiences to our customers. We continue to build and develop digital innovations alongside our partners, allowing us to quickly deliver and scale,” said Carol Juel, chief information officer, Synchrony. “We’ll continue to innovate so we can offer customers what they need wherever they may be shopping – online, instore or via mobile.” 

 

About Synchrony

Synchrony is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $140 billion in sales financed and 80.3 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch. More information can be found at www.synchrony.com and through Twitter: @Synchrony.

Here’s how Tearsheet describes their Fintech Toolkit and why they started it:

  • The number of financial technology tools and platforms available is ramping up. It’s a challenge for us – who review, analyze and write about this stuff everyday – to keep up.
  • These fintech options extend beyond the walls of financial institutions. Where Banking as a Service technology helped launch some of the early digital challenger banks, payments and banking technology are making their way into industries like retail, transportation, and travel. Financial services getting embedded everywhere.
  • In an effort to organize all these tools, Tearsheet created The Fintech Toolkit, a listing of what we believe to be the most powerful fintech tools and companies on the market. Our intention was to make this a valuable resource for product managers (in financial services and outside), business development execs, marketers, and investors.
  • We think of the Fintech Toolkit as a living project. Our goal is to list the best two or three companies in each category.

Check out Tearsheet’s Fintech Toolkit here and check out the ID Authentication section for our listing >

 

  • The identity authentication leader has taken action to extend its SIM swap detection algorithms to protect even more consumers from a fast-growing fraud scheme that easily breaks 2FA, costing victims millions in lost dollars and personal data.
  • Payfone’s patented capability is the only technology of its kind that can overcome the well-documented vulnerabilities of current 2FA methods to end SIM swap fraud for good by giving companies the ability to differentiate between fraudulent SIM swaps and suspicious ones.
  • Payfone is now calling on all financial institutions, cryptocurrency platforms, social media networks, and other enterprises to bolster 2FA with more advanced algorithms to protect their customers against SIM swap and other forms of account takeover fraud.

 

NEW YORK (September 30, 2019) SIM swap attacks continue to make headlines, with Twitter CEO Jack Dorsey becoming one of the most famous victims to date when his mobile phone number was taken over last month. Similar scams are rapidly increasing in frequency, impacting high-profile CEOs, Hollywood celebrities, cryptocurrency communities, and everyday people, as criminals take advantage of security loopholes and the vulnerabilities of 2FA (two-factor authentication) to hijack social media accounts or steal money and cryptocurrency by taking over victims’ mobile phone numbers.

 

Payfone, the world’s leading digital identity authentication provider, today announced that it is taking a stand against SIM swap attacks with real-time SIM swap fraud detection technology that has the power to end these kinds of hacks for even more consumers. 

 

The technology leverages Payfone’s Trust Score™, a real-time measure of identity confidence, and telecom intelligence signals to thwart both SIM swap and device swap fraud in real time. The patented capability is the only technology of its kind that can inform banks, cryptocurrency platforms, social media platforms, and other service providers of suspicious activity related to SIM swaps in real time, allowing them to take action to prevent illegitimate withdrawals and transactions while also making it easy for legitimate customers to transact.  

 

“Businesses and consumers now rely on 2FA to secure our most essential digital services, services that are woven into the fabric of our daily lives,”said Rodger Desai, Chief Executive Officer, Payfone. “It’s critical that we extend our technology to take a stand to fight this national threat.”

 

To carry out SIM swap fraud, hackers take over a victim’s phone number and exploit weaknesses in 2FA in order to gain access to bank, cryptocurrency, or social media accounts. Without Payfone’s advanced algorithms, enterprises with SIM swap detection technology may have visibility into the fact that a SIM swap has occurred, but they are unable to see when the event took place, which is a major factor when it comes to differentiating fraud from a legitimate transaction. With Payfone’s real-time SIM swap detection algorithms, companies can now not only see that a SIM swap has taken place, but also the proximity of the event to a high-risk transaction (for example, a SIM swap that is immediately followed by a password reset). 

 

In addition to preventing fraudsters from accessing victims’ accounts illegally, Payfone’s patented technology enables a more frictionless and pleasant experience for good customers. Since many SIM swaps are legitimate (in 2018, there were 90 million ports and 100 million device upgrades in the U.S.), enterprises do not want to slow down the experience for customers who may have legitimately ported their numbers or upgraded their devices. By analyzing the contextual behavior and time of a SIM swap, Payfone’s Trust Score can provide a faster and easier experience for good customers while identifying potential bad actors and subjecting them to further inspection.

 

Enterprises who are interested in protecting their customers against SIM swap fraud via Payfone’s service can visit payfone.com for more information.

 

About Payfone

Payfone’s award-winning Trust Platform™ and Trust Score™ bring trust to the digital economy by enabling businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework. Payfone serves 6 of the top 10 US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

 

TSYS unveiled a breakthrough authentication product today that delivers unprecedented real-time verification of customer identities to help companies combat synthetic and account takeover fraud. Called the TSYS Authentication Platform, the new offering leverages Payfone’s Trust Platform and Trust Score to verify that a customer is who he or she claims to be, which will enable enterprises to provide a frictionless customer experience while reducing application, transaction and account takeover fraud.

The TSYS Authentication Platform is available in Europe now and is expected to launch in North America in 2020.

For more information, see the full press release here >

Growing instances of fraud in digital channels (“year-over-year online fraud losses are up 10% or more for 60% of FI risk executives surveyed” – Aite Group research, 2019) are forcing enterprises to design their customer experiences around preventing fraud rather than creating great customer experiences with fast and easy interactions. The fear of fraud overtaking the desire to deliver great user experiences creates a “Trust Gap” whereby most companies can only “pass” ~40% of customers during digital interactions (such as logging in to online or mobile accounts or calling into a call center) without subjecting them to cumbersome identity authentication processes such as security questions and SMS passcodes. The Trust Gap describes the discrepancy between the ~60% of interactions that brands typically treat with suspicion despite the fact that only 2-3% of transactions actually deserve further inspection.

Research indicates that many enterprises are actively working to overcome the Trust Gap to be able to extend the best possible user experiences to customers without sacrificing security. According to Aite Group, 86% of merchants surveyed and 88% of FI respondents indicated that improving the CX is the #1 key factor driving their investments in anti-fraud technology.

How can companies use the Trust Gap to their benefit to get a leg-up on the competition? Head to Forbes to read what our CEO, Rodger Desai, says about how trust will be the KPI that reshuffles the Fortune 500, and what enterprises can do to start capitalizing on this trend.

Read the full article on Forbes >

Highlights:

 

  • Mobile Network Operator (MNO) data has long been thought of by many in the identity authentication industry as a vital source of signals for enterprises to prevent fraud and create better customer experiences, but new research published by the Aite Group indicates that stronger identity verification requires more diversified signals.
  • Aite Group’s Fraud & AML practice analyzed the results of a data study performed for a leading financial institution in Q1 2019. The study showed a 73% increase in verification rates when diversified signals from Payfone’s network of authoritative identity verifiers was queried vs. using MNO data alone.
  • The study also found that adding MNO data to Payfone’s mix of identity verifiers resulted in a slight improvement (1.9%) in identity verification rates.

 

NEW YORK (June 20, 2019)Payfone, a leading digital identity authentication network, today announced the results of a research report with Aite Group, a global research and advisory firm delivering comprehensive, actionable advice on business, technology and regulatory issues within the financial services industry. The paper analyzed the results of a data study performed for a leading U.S. financial institution in Q1 2019 in order to compare the efficacy of using MNO data for identity verification vs. Payfone’s diversified identity signals. The study also looked at the impact of removing MNO data from the identity verification ecosystem.

 

Aite Group’s analysis examined 29,000 consumer records to conclude that the identity verification rate (the proportion of records in which the name and address are successfully matched with the phone number) was 64.2% using MNO data alone. When Payfone’s full network of authoritative verification partners was used, excluding MNO data, this produced a verification rate of 83.2%. The verification rate for Payfone’s sources, including MNO data, was 85.1%, indicating a 1.9% improvement in account verification rates when direct carrier information is added to the equation.

 

“The goal of the study was to understand the solution’s ability to provide accurate identity verification while increasing fraud detection,” said Julie Conroy, Research Director for Aite Group’s Fraud & AML practice. “From most businesses’ perspective, the ability to provide high verification rates is often of greater value than fraud detection, given the benefits of reduced customer friction and lower operational expense (with fewer customers having to engage with the contact center or manual review teams), which drive customer satisfaction and higher Net Promoter Scores. The results of this analysis are a compelling validation of Payfone’s value proposition to assess the risk of the phone and its owner, providing FIs, merchants, and other firms with reliance on digital and/or contact center channels with a unique view into the risk associated with their customers, and an ability to remove unnecessary points of friction.”

 

To download the full report, click here.

 

About Payfone

Payfone’s award-winning Trust Platform™ and Trust Score™ bring trust to the digital economy by enabling businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework. Payfone serves 6 of the top 10 US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

NEW YORK (April 17, 2019)Payfone, an award-winning digital identity authentication leader, today announced the closing of a $24 million funding round led by TransUnion (NYSE: TRU), a global leader in information solutions, with participation from existing investors Synchrony (NYSE: SYF), a premier consumer financial services company; MassMutual Ventures, the venture fund of leading mutual life insurance company Massachusetts Mutual Life Insurance Company (MassMutual); and Wellington Management LLP.

 

TransUnion’s investment in Payfone underscores a new strategic partnership that will leverage the two companies’ complementary missions and capabilities to accelerate the global digital economy.

 

TransUnion will enhance its existing IDVision® with iovation® suite of products by integrating Payfone’s Trust Platform™ and Trust Score™, enabling businesses to overcome the historical tradeoff between security, convenience, and privacy. Payfone also announced that TransUnion will become Payfone’s primary partner for regulated identity verification information.

 

Despite the fact that it is estimated that 98% of online transactions are legitimate, the digital economy suffers from a ‘Trust Gap’ in which the fear of cyberattacks, synthetic fraud, and stolen identities leads to falsely declined transactions and ever-mounting fraud losses. Powerful, proprietary algorithms enable Payfone’s Trust Score™ to close the Trust Gap, allowing businesses to approve more transactions instantly, while thwarting fraud.

 

“The fear of identity fraud and cyberattacks holds the digital economy back from its full potential,” said Rodger Desai, CEO of Payfone. “For example, in lending, it’s striking that today five times more loan applications are approved in-person than on-line, despite credit -worthiness. With our partnership with TransUnion, we can now leverage TransUnion’s footprint of more than 30 countries to help expand our Trust Score™ around the globe, allowing billions of additional consumers to safely access digital services.”

 

“We’ve had a relationship with Payfone since 2017, recognizing the incredible value they bring to fraud prevention. Within this new strategic partnership, we anticipate supporting Payfone’s expansion to new markets and looking at other uses of their products throughout our organization, said Geoff Miller, Senior Vice President of Global Fraud and Identity Solutions, TransUnion. “We are both committed to protecting consumers, focusing on data privacy and building trust with our customers, and the combination of our solutions will create a better, more seamless experience for everyone.” 

 

In March, Payfone announced the next phase of their Zero-Knowledge architecture, which enables identity verification partners, such as mobile network operators, to verify consumer and business identities without consumer information being passed, stored, or aggregated. In 2018, the company authenticated 20 billion transactions for Fortune 500 companies using this privacy-first approach, and it expects to double that number in 2019. Click here to learn more about Payfone’s privacy-first Bill of Trust.

 

As part of the funding round, Miller will join Payfone’s Board of Directors.

 

About Payfone

Payfone’s award-winning Trust Platform™ and Trust Score™ bring trust to the digital economy by enabling businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework. Payfone serves 6 of the top 10 US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

About TransUnion (NYSE: TRU)

Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Europe, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.

We call this Information for Good℠. www.transunion.com

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927