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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.



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 >

Mobile Network Operator (MNO) data has long been thought of by many in the identity authentication industry as a vital source of signals for enterprises to prevent fraud and create better customer experiences. New research published by global research and advisory firm Aite Group indicates that stronger identity verification requires diversified signals.

The analysis was based on a data study completed in Q1 2019 for a leading U.S. financial institution to understand Payfone’s ability to detect fraud and improve the customer experience both with and without access to MNO data. From most businesses’ perspective, the ability to provide high verification rates is often of greater value than fraud detection, given the benefits of reduced customer friction and lower operational expense (with fewer customers having to engage with the contact center or manual review teams), which drive customer satisfaction and higher Net Promoter Scores.

The results of Aite’s report are a compelling validation of Payfone’s value proposition. The verify rate, which consists of the proportion of records in which the name and address are successfully matched with the phone number, was 64.2% using MNO data alone. When Payfone’s full network of authoritative verification partners was used, excluding MNO data, this produced a verify rate of 83.2%. The verify rate for Payfone’s collective sources, including MNO information, was 85.1%, which indicates there is only a slight improvement (1.9%) in account verification rates when direct carrier information is added to the equation.

payfone, identity verification, aite group, identity authentication, digital trust

Even more compelling, when the verify rates are extrapolated to reflect the total line type distribution in the U.S., the verify rate improvement across all line types increases by 73%. This improvement makes intuitive sense, given the broader population of verification partners that Payfone has access to, versus the sample data, which was heavily skewed to mobile.

“The goal of the study was to understand the solution’s ability to provide accurate identity verification while increasing fraud detection,” said Julie Conroy, Research Director for Aite Group’s Fraud & AML practice. “From most businesses’ perspective, the ability to provide high verification rates is often of greater value than fraud detection, given the benefits of reduced customer friction and lower operational expense (with fewer customers having to engage with the contact center or manual review teams), which drive customer satisfaction and higher Net Promoter Scores. The results of this analysis are a compelling validation of Payfone’s value proposition to assess the risk of the phone and its owner, providing FIs, merchants, and other firms with reliance on digital and/or contact center channels with a unique view into the risk associated with their customers, and an ability to remove unnecessary points of friction.”

To download the full report, click here.

Educate yourself with more Did You Know? insights here.

Highlights:

 

  • Mobile Network Operator (MNO) data has long been thought of by many in the identity authentication industry as a vital source of signals for enterprises to prevent fraud and create better customer experiences, but new research published by the Aite Group indicates that stronger identity verification requires more diversified signals.
  • Aite Group’s Fraud & AML practice analyzed the results of a data study performed for a leading financial institution in Q1 2019. The study showed a 73% increase in verification rates when diversified signals from Payfone’s network of authoritative identity verifiers was queried vs. using MNO data alone.
  • The study also found that adding MNO data to Payfone’s mix of identity verifiers resulted in a slight improvement (1.9%) in identity verification rates.

 

NEW YORK (June 20, 2019)Payfone, a leading digital identity authentication network, today announced the results of a research report with Aite Group, a global research and advisory firm delivering comprehensive, actionable advice on business, technology and regulatory issues within the financial services industry. The paper analyzed the results of a data study performed for a leading U.S. financial institution in Q1 2019 in order to compare the efficacy of using MNO data for identity verification vs. Payfone’s diversified identity signals. The study also looked at the impact of removing MNO data from the identity verification ecosystem.

 

Aite Group’s analysis examined 29,000 consumer records to conclude that the identity verification rate (the proportion of records in which the name and address are successfully matched with the phone number) was 64.2% using MNO data alone. When Payfone’s full network of authoritative verification partners was used, excluding MNO data, this produced a verification rate of 83.2%. The verification rate for Payfone’s sources, including MNO data, was 85.1%, indicating a 1.9% improvement in account verification rates when direct carrier information is added to the equation.

 

“The goal of the study was to understand the solution’s ability to provide accurate identity verification while increasing fraud detection,” said Julie Conroy, Research Director for Aite Group’s Fraud & AML practice. “From most businesses’ perspective, the ability to provide high verification rates is often of greater value than fraud detection, given the benefits of reduced customer friction and lower operational expense (with fewer customers having to engage with the contact center or manual review teams), which drive customer satisfaction and higher Net Promoter Scores. The results of this analysis are a compelling validation of Payfone’s value proposition to assess the risk of the phone and its owner, providing FIs, merchants, and other firms with reliance on digital and/or contact center channels with a unique view into the risk associated with their customers, and an ability to remove unnecessary points of friction.”

 

To download the full report, click here.

 

About Payfone

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.

 

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

85% of consumers have the necessary depth and consistency for businesses to determine the authenticity of their identities, according to McKinsey.

So why is there still so much fraud and so many annoying customer experiences that slow us down and prevent us from transacting?

The main culprit is that most companies only have the ability to identify up to 40% of the good guys. Payfone’s identity authentication provides enterprises with the ability to “greenlight” or “pass” close to 85% of customers without friction or step-up authentication processes, while stopping the <5% of fraudsters. We do this through our Trust Score™ and persistent, tokenized ID, which pull together and synthesize identity signals from a diverse network of authoritative identity verifiers in a private and secure manner. This gives our clients a more complete snapshot of customer identities and improved pass rates.

The research also highlights the importance of deep and consistent identity information when it comes to detecting synthetic identities:

“Rather than using a stolen credit card or identity (ID), many fraudsters now use fictitious, synthetic IDs to draw credit. Indeed, by our estimates, synthetic ID fraud is the fastest-growing type of financial crime in the United States, accounting for 10 to 15 percent of charge-offs in a typical unsecured lending portfolio. Instances of synthetic ID fraud have also recently been reported in other geographies. More worrying still, much bigger losses are building up behind these IDs like hidden time bombs.”

The report goes on to describe the other benefits of determining identity authenticity:

“If armed with similar scoring systems, banks could ascertain whether an applicant’s profile looked real. They could then instantly extend credit, perhaps limited, to those applicants with high depth and consistency scores. They could even offer higher initial credit limits than would normally be the case for first loans, since low-risk applicants could be distinguished from high-risk ones.”

Click here to contact us about how our Trust Score can help your company achieve higher pass rates and greenlight more customers today.