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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 >

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

Payfone’s CEO, Rodger Desai, is presenting at Tearsheet’s Embedded Conference in NYC on Tuesday, November 19th. The discussion will focus on the most consequential trends and challenges in the industry around lack of trust, the growth of fraud and the power of phone intelligence. Rodger will provide multiple use cases on how enterprises can definitively validate identities, improve pass rates with reduced friction, and increase customer satisfaction by leveraging real-time telecom signals as a proxy for individuals’ digital identity.

 

Presented by Tearsheet, The Embedded Conference is a first-of-its-kind event that brings together financial institutions, technology players, and other firms getting into financial services for the first time. It isn’t about banks vs. non-banks — the Embedded Conference is about collaboration and tapping into the best each player in the ecosystem can offer.

Click here to set up a one-on-one meeting with Payfone >   

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 >

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 >

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 >

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 >