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81% of people recently abandoned at least one online form and most won’t return to complete it (Source: The Manifest Online Forms UX Survey). The top two reasons?

 

  • 29% said that security concerns were what caused them to stop filling out a registration form

  • 27% cited forms that were too long as the reason that they abandoned

form abandonment, pre-fill, pre-fill forms, identity pre-fill

Source: The Manifest


 
Whether you’re trying to get customers to apply for a new credit card or loan, or register for your online portal or app, it’s critical that you prioritize security but also ease-of-use and speed. This is easier said than done as application fraud is on the rise, with fraudsters using new techniques to attack companies right from the registration step (Source: Aite Group). The delicate balance between performing proper identity verification to prevent identity fraud while making the online signup process as fast and easy as possible can be tricky to achieve. 
 

If you’re a fraud/risk, marketing, or digital professional who is invested in driving improvements to either or both of the above metrics, here are 3 key fixes that you can take action on today to start seeing a difference:

 
1. Make identity verification as seamless and friction-free as possible. With passive authentication technology such as phone intelligence, you can verify the identity of a new customer in the background with little to no action required on their part as they register with you online. This means that they will not only have a better digital experience, which increases the probability of them completing the application, but less human interaction also means that there is less opportunity for a fraudster to insert themselves into the process. 

2. Shorten forms and reduce the number of fields that must be filled out. By using verified pre-filling technology to decrease the number of fields that a consumer must complete by 80%, you can eliminate one of the main drivers of form abandonment. When selecting pre-fill technology, it’s important to make sure that the information that is being pulled has been verified and is from authoritative sources.

3. Prioritize privacy and consent. While consumers do expect online experiences to be fast and easy, they also need assurance that their information will be safe and protected. When using pre-fill and identity verification technology, make sure that the proper consent mechanisms are presented in the most unobtrusive way possible. For example, depending on the type of online form, a simple challenge question such as date-of-birth can give consumers the opportunity to securely and quickly consent without slowing down the signup flow significantly.


One way that many leading companies are putting all three of the above enhancements into action is by implementing Identity Pre-fill. Identity Pre-fill is an API-based technology that helps fraud, marketing, and digital/CX professionals by:
 

  • Pre-filling online applications with verified information from authoritative sources
  • Authenticating the consumer’s identity to thwart the latest fraud schemes, including synthetic identity fraud

 
Here are some reasons why these companies choose Identity Pre-fill:

  • 80% reduction in number of fields to fill out, 75% faster applications
  • Built-in identity verification and eligibility check to only offer the Pre-fill experience to eligible consumers
  • Highest coverage: 90% of 700M active US phone numbers, including pre-paid (25% of mobile phones in the US), family plans, VoIP, landlines
  • Highest coverage of “thin-file” consumers
  • Best household matching

 

Interested in learning more about how Identity Pre-fill can help you drive form completions and reduce fraud? Request more info using the form below.

 


Heading to San Francisco for RSA? Use the form below to meet with us at the show to discuss how and why your fraud mitigation technology should also be improving your customer experience. And be sure to join Payfone CEO Rodger Desai as he takes the stage at eFraud Global Forum.

eFraud Global Forum: The Key to Thwarting Advanced Fraud Attacks While Improving CX
Speaker: Rodger Desai, CEO, Payfone
Date: Monday, February 24, 2020

Use the form below to set up a meeting with us at the show.



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 >

International Fraud Awareness Week is taking place this week from November 17th through 23rd. Identity fraud is growing at a rapid pace, and data breaches fuel a wide range of attack vectors, impacting big brands and their consumers on a daily basis. Online fraud losses are up >10% for more than half of FIs*.

 

This is a good time to evaluate new technologies that can bolster security and privacy while enhancing the user experience. The right technology choices can help enterprises achieve many of their strategic objectives and result in increased traffic, higher conversion rates, reduced fraud, simplified operations and streamlined compliance. 

 

One of these key technologies is WebAuthn. WebAuthn, the W3C password-less MFA standard, will revolutionize the online experience in 2020 as it moves into widescale deployment.  It supports device embedded cryptographic authenticators. This easy-to-use, strong multi-factor protocol frees users from having to remember passwords, provides a great user experience and mitigates over 99.9% on ATO fraud vectors. 

 

WebAuthn provides an enhanced multi-factor authentication capability for the web – for browser, mobile web and mobile applications. It has several major benefits: 

  • Password-less Log-in: Finally, no-passwords to remember! Log in using device native biometrics or device ScreenLock PIN.
  • Strong Multi-factor: WebAuthn uses device-based authenticators (Bio/PIN) on the front-end and hardware-embedded public key cryptography for the back-end.
  • Client-less: No client software is required. WebAuthn support is already baked into the browser and device OS.
  • Authenticator support: WebAuthn supports platform hardware authenticators (Arm TrustZone, Secure Enclave, and TPM) as well as USB WebAuthn authenticators

 

To schedule a Payfone WebAuthn demo, contact us.  

 

*Aite Group May 2019

During the last week of October, Payfone was onstage multiple times at Money 2020, one of the largest conferences where the financial services industry congregates to connect and create the future of money. During the event, we had a chance to engage with our customers, meet with partners and new prospects, and take part in key industry conversations. Payfone’s CEO, Rodger Desai spoke with industry leaders in two fireside chats about relevant topics – the customer experience, Pass Rates and Trust Scores.

Rodger joined Carol Juel, Synchrony’s EVP and CIO, to discuss the merging of physical and digital worlds to ensure fast and easy payments and the new ways the transformation of the payments industry will have on consumers and businesses. The discussion revolved around how trust is at the core of delivering fast, easy and secure customer experiences and the importance of pass rates. During this chat, Carol referenced Synchrony’s partnership with Payfone with complimentary shout-outs “Payfone is a shining example of how work gets done” and “the opportunity to work with Payfone brings trust to another level.”  Thank you, Carol!

Rodger was joined onstage for a fireside chat with Mastercard’s Rob Carter, Director, Product Development & Innovation, Cyber & Intelligence Solutions, about “The Trust Gap” whereby approval rates of card not present transactions are 25% lower than card present transactions. The discussion revolved around this phenomenon that hinders the customer experience, stunts revenue and increases operating costs. Practices that enterprises can follow to reverse this Trust Gap were discussed.

To learn more about how to close the Trust Gap and leverage the Trust Score™, please visit: 

https://info.payfone.com/create-digital-trust-with-identity-verification

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 >

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



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 >

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 >