Combining Paygilant’s machine learning fraud prevention with Scanovate’s digital identity intelligence to transform the payment authentication market.
Tel Aviv, Israel, July 16, 2019 — Scanovate, the leading Enterprise Identity and Compliance platform has joined forces with Paygilant’s digital fraud prevention provider to offer consumers improved fraud prevention and identification, along with a serious edge in rooting out fraud.
Today’s consumers expect a secured, frictionless payment experience at any time, from anywhere. To deliver optimal customer experience, financial institutions, eCommerce and digital wallet providers must make prompt transaction decisions, often in milli-seconds. Incorrectly deny a transaction, and organizations are apt to lose a valued customer. Grant a purchase to a would-be fraudster? A mistake that can cost the institutions in an adverse reputation and millions of dollars annually.
“From financial institutions to small merchants, the industry is struggling with authentication measures, knowing they must somehow strike that critical balance between security and customer convenience,” said Ziv Cohen, Paygilant’s CEO.
At the heart of authentication lies data. Paygilant’s CMA future-state fraud prevention methodology utilizes its six intelligence sets combines device fingerprinting, behavioral biometrics and transaction data to ingest maximum fraud indicators. Incorporating Scanovate’s cutting edge identity management solution bolsters fraud identification to new levels. Scanovate’s technology enriches the data gathered by Paygilant helping determine the likelihood of fraud. The Paygilant – Scanovate partnership boasts the perfect marriage between identity and data to stop payment fraud.
“Payment fraud has become an epidemic,” said Izhar Arieli, CEO at Scanovate. “Paygilant’s CMA methodology combined with Scanovate’s industry-leading identity management solution, will provide customers a tremendous advantage in identifying fraudulent applicants and enabling a better experience for everyone else.”
“As much as digital data is the cornerstone of new age authentication, context is key,” said Guy Stiebel, Chief Architect at Scanovate. “The industry is not looking at just the transaction anymore but rather the bigger picture of who, what, where and when without compromising user & data privacy. By augmenting Scanovates’ advanced identity management with robust intelligence gathered by Paygilant provides organization with the optimal processes to easily identify and distinguish between fraudulent activity and authentic transactions. Organizations can simultaneously reduce false positives and detect more fraud.”
Scanovate and Paygilant help organizations shift their fraud prevention approach from transaction-centric to data/identity-centric. Together they provide a turn-key solution which encompasses the entire user-journey – from onboarding, to compliance, to ongoing transactions
Paygilant makes digital payments safer, faster and easier. Using a disruptive technology that is designed to protect mobile payments, either executed by NFC, QR code or online, from mobile fraud, Paygilant operates in a hybrid mode on the mobile device and back-end server. Paygilant enables friction-less customer experience prior to processing the transaction, triggering immediate authentication only upon a suspicious fraudulent attempt.
Financial institutions, eCommerce and mobile wallet providers decisively stop fraud while dramatically enhancing their customer’s experience. Paygilant’s SmartRisk combines Device Indicators, Behavioral Biometrics and Transaction Analysis to decisively identify fraudsters from legitimate customers.
Scanovate is the Enterprise Identity and Compliance platform with a proprietary identity management solution mainly offered to top tier financial institutions and governments globally. Scanovate’s solution helps guide the flow of any digital transaction in the most secure and regulatory compliant way, ultimately orchestrating the “perfect transaction”.
Unlike other solutions on the market, Scanovate’s all-encompassing platform is a one-stop-shop for all Digital Identity and Compliance needs for enterprises looking to orchestrate simple and intuitive flows to help push business faster and more accurately. Our technology is modular and can easily adapt to preexisting ecosystems with significant time reduction.
We recognize the potential of compliance to be a profit-generating department and have developed the necessary components to implement a tool that creates simple flows to instill this approach.
Our technology authenticates the integrity of the transaction by ensuring the user is who they say they are, accurately validating their identification credentials and conducting all regulatory background checks using an easy flow, giving the business the ability to get straight to work.