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.
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.
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.
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.
NEW YORK, Nov. 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.”
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.
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.
Introduces further enhancements to new account set up accelerating convenience and speed
October 28, 2019 —LAS VEGAS, Money 2020 – Synchrony (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.”
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.
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.
BARCELONA (February 14, 2019) – Payfone, the world’s leading digital identity authentication provider, and the GSMA, a trade body representing mobile network operators worldwide, announced today a new partnership to bring fast, frictionless and fraud-free login experiences to companies and their consumers in Spain. Payfone and the GSMA’s Mobile Connect authentication technology fulfill the need for enterprises in Spain to engage more effectively with their customers. Payfone’s award-winning Trust Platform and Trust Score™ replace cumbersome and hackable identity verification processes such as passwords, knowledge-based security questions and SMS one-time passcodes with instant, invisible, and zero-knowledge digital authentication. The deal marks another major milestone for Payfone as it continues its expansion into 35 global markets.
The key ingredient to enabling the best possible digital experiences is eliminating the real-time Trust Gap, the difference between the >95% of consumers who can be green-lighted through a VIP customer experience and the <5% of consumers who require further authentication to confirm that they are who they claim to be. Payfone eliminates this Trust Gap and creates a VIP express lane experience for trustworthy logins through our patented Trust Platform and Trust Score. The Trust Score answers the question ‘Is this customer who they claim to be?’
“Companies around the globe realize that there is no longer a need to trade off great digital experiences for fraud prevention,”said Rodger Desai, Chief Executive Officer of Payfone. “Winning businesses will be differentiated by delivering experiences that not only engage customers and drive long-term loyalty, but save on OpEx by eliminating unnecessary intervention processes.” Desai continued,”We are thrilled to partner with the GSMA and Mobile Connect to bring our advanced Trust capabilities to Spanish enterprises, who can leverage them to give their customers a safer and more convenient way to log in while competing more effectively.”
“With Mobile Connect, the mobile industry is fulfilling an important role in the digital identity space, giving users control over their own data and enabling consumers, businesses, and governments alike to interact and access online services in a convenient, private and trusted environment,” said Alex Sinclair, Chief Technology Officer of the GSMA.
Payfone and Mobile Connect’s secure, frictionless authentication technology will be available to Spanish enterprises in mid-February 2019.
Payfone is the world’s leading digital identity authentication network. Our award-winning next-generation Trust Platform validates identities and enables enterprises to deliver fast, frictionless, and fraud-free customer experiences to over 90% of their customers. Payfone closes the Trust Gap and issues a real-time proprietary Trust Score™ for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.
NEW YORK (January 24, 2019) – Payfone, the world’s leading digital identity authentication network, today announced the launch of the Trust Platform, a first-of-its-kind digital authentication platform. The Trust Platform enables enterprises to increase customer satisfaction with faster, frictionless and fraud-free customer experiences across all channels.
Payfone developed the Trust Platform to address a major challenge for leading financial, healthcare, technology, retail and insurance companies. Currently, a ‘trust gap’, a void in real-time identity information, forces businesses to treat all of their customers with increased suspicion and friction.
The Trust Platform enables forward-looking enterprises to finally overcome the tradeoff between security and user experience by leveraging Payfone’s patented, deterministic technology. Key elements which efficiently close the ‘trust gap’ include a tokenized Payfone ID, an enterprise-specific Fonebook, and the Payfone Trust Score, a real-time number which quantifies the level of confidence in a consumer’s identity. The Trust Score allows brands to deliver a VIP express lane experience to over 90% of their customer base by confidently answering the critical question, “Is this customer who they claim to be?”
“We believe that Trust is the new KPI which will reshuffle the Fortune 500,” said Rodger Desai, Founder and CEO of Payfone. “Companies who figure out how to trust more people online and transact with them quickly and conveniently are going to grow more rapidly than those who don’t. That’s what we deliver through our Trust Platform and award-winning Trust Score.”
Desai commented that “the bottom line is that the Payfone Trust Platform facilitates commerce by making it easier for consumers to do business with brands, and easier for enterprises to provide an optimal user experience to the vast majority of their customers.”
Payfone is the world’s leading digital identity authentication network. Our award-winning next-generation Trust Platform validates identities and enables enterprises to deliver fast, frictionless, and fraud-free customer experiences to over 90% of their customers. Payfone closes the ‘trust gap’ and issues a real-time proprietary Trust Score for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.