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Prove (formerly Payfone) announced today that it has seen a 300% YoY increase in new business wins and now serves nine of the top ten financial institutions in the United States.

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Payfone rebrands to Prove on the heels of $100 million investment, major acquisition, strong growth, and global expansion

New York, NY (July 29, 2020) – Payfone, the modern platform for continuous identity authentication, announced today that it has rebranded as Prove. The rebrand represents the rebirth of the company as the worldwide leader in identity authentication and verification with a plan for rapid growth, including its recent acquisition of Early Warning Services, LLC’s mobile authentication lines of business and $100 million fundraise. The acquisition of Authentify®, Early Warning’s multi-factor authentication and orchestration business, enables banks to engage with Prove directly to expand their use of Prove’s platform and solutions.

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The acquisition will enable more than 1,000 financial institutions to access a broad range of consumer identity and authentication solutions directly from Prove

New York, NY, (July 29, 2020) – Prove (formerly Payfone), the modern platform for continuous identity authentication, today announced the acquisition of mobile authentication lines of business from Early Warning Services, LLC, a consortium owned by seven of the country’s largest banks.The acquisition includes Early Warning’s mobile authentication business, Early Warning’s multi-factor authentication and orchestration solutions, and the Authentify® line of business.

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Digital Identity Technology Company Achieves Dramatic Growth with Innovative Offerings

 

New York, April 9, 2020 – Payfone, a leader in identity verification and authentication, announced today that the Financial Times has named the company in the top 500 of The Americas’ Fastest Growing Companies 2020. This is the first time FT is publishing this list for The Americas, which is focused on companies that offer impressive innovation and growth in the region. 

 

“The inaugural FT Americas ranking comes at a perilous and uncertain time for many companies, as the coronavirus severely curtails economies, workforces and ultimately growth,” said Maxine Kelly, Commissioning Editor, Special Reports at Financial Times. “Yet the ranking also highlights 500 businesses across the continent for whom innovation and creativity have paid off — attributes that will underpin resilience and enable many of them to thrive once the worst effects of the pandemic are behind them.”

 

Payfone, which helps its enterprise clients to secure and streamline their customer journeys through Phone Intelligence-based identity verification, ranked #4 among companies in its category and #127 overall on the list of 500 companies. The global company, which experienced 596-percent growth from 2015 to 2018, attributes its rapid growth rate to its unique technology and patents, which enable companies to solve a number of challenges across mobile, web, and call center channels. Two examples that are particularly relevant today are the company’s call center ANI match technology, which significantly reduces call wait times, and its  telehealth optimization solution, which helps telemedicine companies to accelerate sign-ups and logins for new and returning healthcare consumers while improving their privacy and security. 

 

Although the award focuses on the Americas, Payfone’s international solutions, such as its anti-SIM swap fraud and PSD2 SCA technologies, which are available in the United Kingdom and other European countries, were a major factor in driving its global growth. 

 

“It is an honor to be recognized for our growth and innovation in the Financial Times’ inaugural list for the Americas,” said Rodger Desai, CEO of Payfone. “As digital and phone transactions surge, the need for fast and secure identity verification has become even more vital. We are committed to helping companies prioritize and accelerate their plans to optimize their online and call center experiences to offer their customers the best possible service, even in challenging times.”

 

The Americas’ Fastest Growing Companies 2020 is a joint project by the Financial Times and Statista. The results were achieved by conducting months of research, public calls, intensive database research and directly contacting tens of thousands of companies. The final list recognizes the Top 500 companies in the Americas that have achieved the highest compound annual growth in revenues between 2015 and 2018.

 

About Payfone
Payfone’s award-winning Phone Intelligence technology replaces traditional identity verification processes such as easy-to-forget passwords, cumbersome security questions, and clumsy SMS OTPs with a solution that is both more secure and easier for end-users. Through Phone Intelligence and its patented Trust Score™, Payfone is able to verify consumers’ identities in an instant, invisible, and inclusive way across mobile, web, and call center interactions. Payfone serves the majority of US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

Press Contact:

Emily Riley
eriley@witstrategy.com
914-330-1128

ANI trolling (also known as ANI trawling) is an emerging fraud vector that involves fraudsters running thousands of spoofed phone numbers through a business’s IVR (interactive voice response) system in order to identify which numbers belong to customers of that business. Once the hackers have identified which numbers belong to customers, they launch targeted SMS phishing or smishing attacks on the individuals who own those numbers.

How ANI trolling/ANI trawling works:

When a consumer dials into a call center, it’s common for a call center to try and recognize/match the ANI (automatic number identification) of the caller. If the ANI is recognized, indicating that the number is on file as belonging to a customer, the caller can be given a “green path/fast lane”. If not recognized, the caller is taken down another, more generic path (typically security questions).

Armed with the knowledge about how this works, fraudsters will run thousands of numbers through a given IVR. In the process of doing that, they can identify which numbers belong to customers (based on the path that each number is routed through). When they’ve identified the numbers that belong to customers, they can then take those numbers and buy personal data (name, address, SSN, DOB, etc.) on the black market for them in order to run targeted smishing attacks.

How Payfone helps protect IVRs against ANI trolling/ANI trawling:

Instead of using ANI matching as a decision point, call centers can use Payfone’s ANI match + call authentication to detect whether a call is being spoofed. Then they can set up the decision path such that spoofed calls always go down the generic path, regardless of whether the ANI is matched or not. That way, fraudsters can’t identify which numbers belong to customers/account holders, and therefore cannot carry out SMS phishing attacks on those individuals.

Want more info about how Payfone prevents ANI trolling? Get in touch with us below to learn more.



Payfone is a proud sponsor of the 2020 Hack@CEWIT hackathon at Stony Brook! Hosted by the Center of Excellence in Wireless and Information Technology (CEWIT), this year’s hackathon will see over 150 regional hackers battle it out for over $5K in prizes for the most innovative security, health-care, machine learning, A.I., blockchain, social impact, and IoT projects. The hackathon takes place February 14-16, and is open to college undergrad and grad students.

The event will also be open to the public on Sunday, Feb. 16 from 10:30am – 12pm, so come by and say hello! Visit the CEWIT site to register.

Heading to Washington, D.C. for Health Datapalooza 2020? Join our VP of Healthcare Strategy, Mike Bechtel, as he takes the stage to share insights about how healthcare organizations can increase contactability and engagement in a HIPAA-compliant, privacy-first manner through Payfone’s tokenized identity solutions.

Talk info:
HDP Rapid Fire: Ensuring Data Privacy and Security
Session: Stop the Tug of War between Delivering Great Member Experiences, Privacy and Security
Speaker: Mike Bechtel, MHSA, FACHE, Payfone
Date: Tuesday, February 11, 2020
Time: 12:45-2:00pm
Location: Marriott Marquis, Washington, D.C.

Interested in learning how you can boost engagement with your healthcare consumers in a private way that enhances their experiences? Use the form below to set up a meeting with us at the show.



Here’s how SIM swap fraud works and how the top US banks prevent SIM swap fraud today:

(1) Attacker SIM swaps victim and takes over their phone number (Read here how that is done ->)
(2) Attacker initiates “Forgot Password” flow at victim’s bank

At this point, the bank has a decision to make: every year millions of their customers actually do forget their password and need help. These processes are now automated so that call centers can focus on higher value services for customers. But of course, the OPEX savings and better customer experience don’t outweigh heavy fraud losses due to SIM swaps. So what do the Tier 1 banks do?

(3) The bank pings Payfone’s patented SIM swap technology, and in real time, Payfone is able to tell the bank whether a SIM swap has occurred in the last few hours. Payfone does this by checking the “born on date” of the SIM. If the SIM was recently changed (via a port-out or device swap) then the born-date would be a smoking gun.*

* The likelihood of a high-risk event such as password reset happening at the same time as a SIM change warrants further vetting, so the bank does not send an SMS with a password reset code to the customer/possible fraudster, and instead steps up the transaction.

Simple and powerful, Payfone protects the leading banks, insurers, fintechs and cryptocurrency wallets from SIM swap attacks in real-time for over 100M US consumers. In a recent case, a Tier 1 US bank saw SIM swap fraud drop significantly in real-time after launching Payfone.

We also recently expanded this capability to UK banks as part of a global roll-out.

To learn more about how your business can join other industry leaders in protecting your customers against SIM swap fraud, request a free consultation below.



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 >