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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 >

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 >

All companies want better privacy, security and ease-of-use for their customers, but it’s often difficult to weed through the marketing hyperbole and get to the bottom of what makes one identity authentication method better than another. NIST, the National Institute of Standards & Technology offers a practical, third-party way to overcome the confusion with clear-cut cybersecurity and privacy standards and best practices for enterprises in the U.S. to adopt.

NIST 800-63B “Authentication & Lifecycle Management”, is a government publication based on a collaboration with industry experts which sorts authentication options into good, better, best categories, assigning “assurance levels”. The publication includes descriptions of AAL1 (the lowest authentication assurance level); AAL2, a multi-factor authenticator or a combination of single-factor authenticators; and AAL3, the highest level, which must include a hardware crypto-device. Click here for a summary of NIST’s assurance levels in plain language and learn how you can get a complimentary consultation to definitively see what level of assurance your current or prospective identity authentication methods meet.

Get Your Complimentary NIST Assessment >

Did you know that 38% of customers drop out of the onboarding process because of frustration with the serious amount of paper or the overwhelming volume of information required (Deloitte).

In a new episode of Money20/20’s Money Pot podcast called “Mind the Trust Gap: Strategies to Improve the Customer Journey“, Scarlett Sieber and Sanjib Kalita turn to our CEO, Rodger Desai, to uncover strategies that financial institutions can use to strike the proper balance between security and a great customer experience. Follow the link below to listen to Rodger’s insights on the “Trust Gap” and how overcoming it can help companies cut through the competition.

LISTEN HERE >

With nearly 111 million consumers using services like Airbnb, Uber and Freelancer.com daily, the sharing economy is booming more than ever before. And if you consider the sensitivity of the information, goods, services, and funds being exchanged, it should go without saying that the secure identity authentication and verification of users accessing these platforms is critical. But as a new report from PYMNTS shows, many sharing economy platforms are still using surprisingly weak identity verification and authentication methods that put consumers’ digital identities and data at risk.

Identity Authentication Challenges for Sharing Economy Platforms

Based on their survey of 3,585 consumers in early 2019, PYMNTS made the following conclusions about the digital identity authentication and verification techniques being used by sharing economy platforms today:

  • Many sharing economy platforms seem to be sacrificing onboarding and login security for more seamless user experiences, putting users and their data at risk.
  • Many platforms also seem to be using outdated and vulnerable forms of identity authentication and verification (such as passwords) despite the fact that users prefer newer methods:
    • PYMNTS found that fingerprint scanning was the most popular method of authentication amongst users logging into sharing economy platforms. 76.4 percent of consumers who are asked to verify their identities by scanning their fingerprints when logging into existing sharing economy accounts report being “very” or “extremely” satisfied with their login process.
    • Only 9.2 percent of surveyed consumers say their sharing economy platforms authenticate them using fingerprint scanning.
  • The most common way sharing economy users say they are asked to authenticate their identities when logging into their accounts is through simple passwords (49.5 percent) and email addresses (35 percent).
  • This is problematic because not only are customer satisfaction rates lower when using password and email address authentication, but these methods also have known vulnerabilities considering that consumers’ personally identifiable information is easily accessible to fraudsters on social media and the dark web.

Based on PYMNTS’ data, it can be concluded that sharing economy platforms could solve these issues by employing the identity verification methods most preferred by their users (fingerprint scanning and personal questions) – but that would only be addressing one side of the experience vs. security coin. As numerous news articles show, fingerprint biometrics can be shockingly easy to hack and personal security questions have the same issues as passwords and email addresses – they’re notoriously simple to crack using information found or purchased on the dark web.

So what can sharing economy platforms do to both raise their users’ satisfaction levels and ensure that their data and identities are protected against fraud?

Identity Authentication Opportunities for Sharing Economy Platforms

Passive identity authentication, an emerging technology that is already in use at many of the world’s largest banks, healthcare companies, and technology enterprises, would allow sharing economy platforms to authenticate users frictionlessly through their mobile phones without any action necessary on the part of the user. When compared to fingerprint scanning or personal questions, passive authentication is even more seamless, and is substantially more secure as the only way a fraudster could crack this technology is if they were actually in possession of the target’s mobile device (which is not scalable).

Passive identity authentication, such as Payfone’s mobile authentication tools, would enable sharing economies to leverage the same level of security used by large banks while also extending the best possible experience to their userbase.

For more information on Payfone’s suite of passive authentication solutions, contact us here.