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.
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.
NEW YORK (September 30, 2019) – 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.
Payfone, the world’s leading digital identity authentication provider, today announced that it is taking a stand against SIM swap attacks with real-time SIM swap fraud detection technology that has the power to end these kinds of hacks for even more consumers.
The technology leverages Payfone’s Trust Score™, a real-time measure of identity confidence, and telecom intelligence signals to thwart both SIM swap and device swap fraud in real time. The patented capability is the only technology of its kind that can inform banks, cryptocurrency platforms, social media platforms, and other service providers of suspicious activity related to SIM swaps in real time, allowing them to take action to prevent illegitimate withdrawals and transactions while also making it easy for legitimate customers to transact.
“Businesses and consumers now rely on 2FA to secure our most essential digital services, services that are woven into the fabric of our daily lives,”said Rodger Desai, Chief Executive Officer, Payfone. “It’s critical that we extend our technology to take a stand to fight this national threat.”
To carry out SIM swap fraud, hackers take over a victim’s phone number and exploit weaknesses in 2FA in order to gain access to bank, cryptocurrency, or social media accounts. Without Payfone’s advanced algorithms, enterprises with SIM swap detection technology may have visibility into the fact that a SIM swap has occurred, but they are unable to see when the event took place, which is a major factor when it comes to differentiating fraud from a legitimate transaction. With Payfone’s real-time SIM swap detection algorithms, companies can now not only see that a SIM swap has taken place, but also the proximity of the event to a high-risk transaction (for example, a SIM swap that is immediately followed by a password reset).
In addition to preventing fraudsters from accessing victims’ accounts illegally, Payfone’s patented technology enables a more frictionless and pleasant experience for good customers. Since many SIM swaps are legitimate (in 2018, there were 90 million ports and 100 million device upgrades in the U.S.), enterprises do not want to slow down the experience for customers who may have legitimately ported their numbers or upgraded their devices. By analyzing the contextual behavior and time of a SIM swap, Payfone’s Trust Score can provide a faster and easier experience for good customers while identifying potential bad actors and subjecting them to further inspection.
Enterprises who are interested in protecting their customers against SIM swap fraud via Payfone’s service can visit payfone.com for more information.
Payfone’s award-winning Trust Platform™ and Trust Score™ bring trust to the digital economy by enabling businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework. Payfone serves 6 of the top 10 US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.
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.
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.
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.
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.
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:
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?
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.
The rise of mobile technology and automated platforms has led to more advanced self-servicing and convenience for consumers. Ironically, many of those same technologies also lead to more call center interactions and human intervention when customers are unable to complete transactions on their own, which causes frustration (long call wait times, annoying security questions to verify identity, and then having to re-verify your identity each time you are transferred to another part of the call center), as well as higher expenses and a decline in customer satisfaction.
Payfone CEO Rodger Desai recently joined a panel of industry experts from Infobip, Citi, and Amazon Web Services at Medici’s inaugural Inner Circle event to share insights about what companies can do to differentiate themselves with safer, faster and easier customer experiences and stay relevant in the digital age.
Our clients are able to extend great digital experiences to their customers who have high Trust Scores – but what about those consumers who have Trust Scores below 300, which may be an indicator of unusual behavior, synthetic identity fraud, or SIM swap and other attacks?
Adaptive Orchestration is a real-time measure of identity confidence for those consumers who cannot be immediately passed because their Trust Score is too low, or whose use case requires multi-factor authentication, thus requiring further investigation. With Adaptive Orchestration, additional methods such as ‘take a selfie’ can be used to inform the Trust Score in real time. This process may be used to further verify consumers with Trust Scores between 300-630 who may be legitimate but are showing unusual behavior.
The image above shows one example of how adaptive orchestration allows a consumer to take a selfie in real time and have it instantly matched with their US passport on file.
After a successful step-up authentication that passes the customer via Adaptive Orchestration, the Trust Score immediately adjusts to a level of 630 or above, and will persist to avoid the need to step-up the same customer in the future if no new indicators of unusual behavior are evident. All of this is seamlessly orchestrated across all channels via the Payfone Trust Platform.
To learn more about Adaptive Orchestration, contact us.
No industry is safe from the Amazon Effect or the Uber phenomenon or the WhatsApp moment, especially Financial Services. With consumer expectations higher than ever, brands are having to revolutionize the way they communicate with their customers. We are in the new age of omni-channel, omni-present communication that must respect the intelligence of customers and address their preferences. With technology like AI-powered chatbots leveling the playing field, companies must “meet” customers wherever and whenever they choose, without compromising on richness of context or trust and security. As FinTechs increasingly move away from disruption and focus on mutually beneficial collaboration with financial institutions, there’s a need for a platform-based approach to ensure that the end-customer’s experience is curated rather than confusing.
Make sure you have a platform that will grow with your company and orchestrate content in a plug-and-play fashion across all customer touchpoints and channels. Contact us to learn more.