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Did you know that Sir Richard Branson is a digital security do-gooder? The Virgin founder is taking aim at online fraudsters in a delightful new animated video posted on his Instagram feed. In the clip, Branson and his dubious doppelganger walk through some common online scam methods such as phishing, bots and social engineering. Branson briefly describes each of the suspicious scenarios and warns Virgin followers not to trust anyone masquerading as him or his team and asking for personal information.

“At Virgin Group, we’re working hard to unmask scammers,” he says. “Only trust what we post on our official channels and social media channels.”

To further fight fraud, Virgin has even set up a webpage dedicated to stopping online scams here. Branson urges viewers to report anything they think is suspicious on the site. “If you think it’s a con, send it on,” he says.

While being defrauded and losing money is clearly a concern for most people, there is an important – albeit less obvious – consequence. Online scammers lower everyone’s trust of transacting online – from consumers to enterprises. Because no one trusts anyone, all consumers are forced through experience-killing, time-sucking, and revenue-stunting friction (passwords, security questions, one-time passcodes) to prove they are who they say they are. Payfone-powered digital experiences restore Trust and sideline scammers so that they are unable to touch your customers’ cash or ruin their experience.

To learn how our Trust Score can help you distinguish between fraudsters and your real customers, contact us.

Reach out to learn more >

Last month, industry leaders gathered at Tearsheet’s inaugural Embedded Conference in New York City to discuss the future of the growing trend known as “embedded finance”. One of the main takeaways from the conference was that embedded financial services will require better customer experiences, and that trust and data are the new currency that will drive that.

If you weren’t able to attend, Tearsheet highlighted four important themes from the conference in their helpful writeup, including the fact that as fraud becomes increasingly more sophisticated, it’s becoming harder for companies to make their digital experiences seamless while also safeguarding customers and their accounts. Our CEO Rodger Desai weighed in on this trend and how Payfone was able to double the pass rate (from 40 percent to 80 percent) for an online lender using passive multi-factor authentication combined with a secure pre-filled loan application.

Read on for 4 important takeaways from the conference here >

Embedded finance is an emerging model that describes two recent trends: 1. Finance is catching up to other sectors and becoming more internet-enabled, and 2. Other sectors are becoming more finance-enabled, with financial functions, such as payments, embedded directly into their platforms.

 

As explained in a recent white paper published by Anthemis, a global venture investment firm specializing in fintech, embedded finance is the “future state of financial services as embedded, augmented and ubiquitous”:

 

Financial services is the nervous system of our economy; a critical system that needs to operate efficiently and equitably for our society to function. The legacy 20th century business models in finance have become increasingly obsolete and most have not adapted to the fundamental paradigm shift—technological, institutional and societal—ushered in by our continuing transition from an Industrial Age to an emerging Information Age. It is essential that these business models be transformed in order to serve the needs of 21st century economies. There is an enormous, multi-decade opportunity to reimagine and rebuild financial services. We can create a system that is more efficient, more equitable and more resilient—and, therefore, better able to adapt to an ever-changing economy and society.

 

At Anthemis we see this future state of financial services as embedded, augmented and ubiquitous. Rather than finance being discrete, we see it becoming an intimate part of the products and services that drive our economies—an often invisible but critical societal infrastructure, similar to today’s communications or energy infrastructures. We imagine a world where finance is embedded deep inside the workings of our businesses and economies, powering the lives and progress of citizens and businesses rather than being a service consumed independently.

 

Instead of financial services being yet another sector that becomes internet-enabled, it will allow all sectors to become “financeenabled.” The result is not just finance on the internet, but rather the “Internet of Finance.”

 

At Tearsheet’s Embedded Conference 2019 in New York City, industry leaders gathered to discuss the future of embedded finance. One of the main takeaways from the conference was that embedded financial services will require better customer experiences, and that trust and data are the new currency that will drive that.

 

Payfone’s digital identity authentication services enable companies to capture the growth opportunities presented by embedded finance by enabling better and more secure digital customer experiences and higher pass rates.

 

Additional resources:
Embedded Finance: The future of the economy (white paper)
The investment case for Embedded Finance

At the Gartner Identity & Access Management Summit in Las Vegas this week? Meet with Payfone’s identity authentication sherpas to get tips about best practices and to learn how our digital trust solutions can transform your customers’ experience while safeguarding them against fraud in a private manner. We’ll demo our patented Trust Score, which can significantly increase the percentage of consumers that can interact with your brand frictionlessly.

Click here to set up a one-on-one meeting with us at Gartner IAM >

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 >

Heading to HLTH this month? Come by booth #203 to meet the Payfone Healthcare team and learn how our digital trust solutions can transform your member/patient experience and supercharge engagement.

Who?: The Payfone Healthcare team & you
What?: Key digital transformation use cases such as password-less login, identity authentication for telehealth services, online portal registration, and call center authentication
Where?: Booth #203 at HLTH at the MGM Grand in Las Vegas
When?: October 27-30
Why?: Learn from Payfone’s digital identity “sherpas” who can guide your digital authentication and verification strategies to enhance member/patient experiences and engagement while protecting privacy. See how Payfone’s patented Trust Score can significantly increase your percentage of members/patients that can interact with you frictionlessly, and try our demo to get your own Trust Score.

Click here to set up a one-on-one meeting with us at HLTH >

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.

This week, we announced that we are taking a stand and extending our SIM swap detection algorithms to even more consumers to protect them from a fast-growing fraud scheme that easily breaks 2FA, costing them millions in lost dollars and personal data.

Read the Full Press Release Here

Is your customer experience designed for the wrong person?

That’s the question that Payfone’s CEO Rodger Desai and Mastercard’s Director of Product Development & Innovation Rob Carter will explore in their Money20/20 fireside chat about an emerging economic phenomenon known as the “Trust Gap“. The session will examine how the fear of fraud has forced many companies to design their online journeys for fraudsters instead of customers, hindering the customer experience, stunting revenue and increasing operating costs. Desai and Carter will also break down some of the practices that Mastercard is employing to reverse the Trust Gap, and how other enterprises can follow similar strategies to create faster, frictionless and more fraud-free experiences for customers.

Tuesday, October 29, 3:05 PM – 3:25 PM
Tech Tonic, Expo Hall, Level 2, The Venetian

And don’t forget to visit us at booth K52 to check out our Trust Score demo and get your personal Trust Score!

The call center is one of the most challenging channels when it comes to balancing security with customer experience. Fraud methods that target the call center – such as ANI-spoofing and account takeover attacks – are on the rise, with 51 percent of financial service professionals believing that phone channels see the greatest number of ATO attempts.* At the same time, we all know how unpleasant it can be to deal with security processes such as knowledge-based authentication and PIN codes when dialing into a call center, and quick and easy user enrollment remains a top priority for 91 percent of call center industry leaders.*

The good news is that there is hope for brands looking to use technology to solve these issues. Payfone’s Call Center solution uses a sophisticated, multi-layer approach to authenticating call center calls and the identity of callers to prevent ANI-spoofing and ATOs while also delivering a frictionless experience to >90% of callers. Enterprises can alleviate security concerns by leveraging the Payfone Trust Score™ and call authentication for real-time porting and SIM swap intelligence and to prove possession of the phone dialing into the call center. The Fonebook can then be used to identify callers for an increased ANI-match rate that eliminates the need for KBA questions and contains callers in the IVR so that they can quickly service themselves instead of requiring human intervention.

Curious to see what other features make Payfone’s Call Center solution so comprehensive and to see how your current solution stacks up? Download our Call Center Authentication Checklist below for the most critical differentiators to look for in a solution.

*Source: PYMNTS

 

Get the Call Center Authentication Checklist



In Q1 2019, some mobile network operators (MNOs) decided to stop making certain data available for inquiry to third-party identity authentication providers. This decision created concern regarding a possible gap in identity verification coverage. But was it actually a blessing in disguise? Join Payfone CEO Rodger Desai at Fraud Force 2019 on September 19th as he breaks down what companies can do to approach the situation as an opportunity to address the challenges presented by MNO data, and to implement solutions that offer higher coverage, increased privacy, and reduced operational complexity. This session will include an actionable checklist of things that enterprises can get started with today to bolster their identity authentication plans for the future. See you in Portland!

See the full Fraud Force agenda >

Read Aite Group’s report on how diversified signals proved superior to MNO data alone >