Biometric Update–4 Oct 2019
Behavioral biometrics technology developer Paygilant has secured a $750,000 investment from Connecticut’s venture capital arm Connecticut Innovations (CI).
The Israeli fraud protection company focuses on securing mobile payments and plans on using the funding to set up its U.S. headquarters in Connecticut, to grow its sales and marketing teams, and optimize product development and implementation support efforts.
“We are excited to welcome Paygilant, an innovative cybersecurity company with tremendous prospects, to Connecticut,” says Peter Longo, senior managing director of investments at Connecticut Innovations. “In less than a year since going to market, the company has completed multiple successful installations and won a number of prestigious industry awards. We are looking forward to continuing to support Paygilant and its management team as the company grows here in Connecticut.”
Paygilant delivers seamless authentication and mobile fraud prevention based on multi-intelligence data troves and machine learning algorithms that run in the background to identify fraudulent behavior. The company combines behavioral biometrics, device indicators, and transaction analysis to decisively identify fraudsters from legitimate customers.to approve transactions for legitimate users.
One-third of merchants anticipate mobile purchases to make up at least half of their total revenue by 2020. Biometric security technology is an effective way to quickly identify scammers and eliminate mobile fraud. By applying biometrics protections to mobile, organizations can identify when the customer is legitimate through physiological characteristics unique to each individual.
