In the past five years, banking in Latin America has undergone a huge transformation, triggered by the arrival of fintech companies offering low-cost, digital-only banking services. Today, in Latin America digital banking accounts for more than 50% of all banking transactions, with significant adoption of online and mobile banking.

COVID-19 has dramatically altered the LATAM financial landscape. There has been a significant shift of customers to digital services including mobile banking and eCommerce as a direct result of the pandemic. According to Mastercard’s recent research, over 50 percent of LATAM consumers are conducting their banking transactions online.

Although LATAM shift to digital banking begun prior to the pandemic, the banking and e-Commerce industries in Latin America have been forced to fast-track by the scaled realities of  COVID-19. This has been good news for the challenger and neo banks that were already gaining strength in LATAM. Their focus on branch-less mobile banking has been perfect timing. This has also become an opportunity for fraudsters to commit digital banking fraud in the region.

During these turbulent times, LATAM financial institutions must make mobile fraud prevention a priority to control monetary losses and reputation damage. To stay one step ahead of the fraudsters, financial institutions including incumbent banks, challenger banks, and neo banks need to deploy innovative security measures to prevent fraud and ensure frictionless user experience.

This is where Paygilant comes in. Paygilant provides frictionless fraud prevention and user authentication in a single and quick integration. What makes Paygilant unique is its layered fraud prevention technology, which utilizes proprietary six intelligence sets – Device DNA, User Space, Activity Map, Bio Markers, App Insights, and Transaction View – which weave a super accurate risk score that distinguishes between legitimate customers and fraudsters.

Without impacting and imposing on the user, Paygilant runs in the background to trigger a RISKY alert when fraud is identified and a SAFE one when the customer is successfully identified. Paygilant’s continuous authentication ensures that transactions are approved only for legitimate users.

Using advanced fraud prevention solutions such as the Paygilant, will safeguard financial institutions during the pandemic and beyond.