In recent years, Peer to Peer payments have shown a significant increase, passing the $120 billion mark (2017). Currently, one in three American consumers uses P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money. Since P2P account opening does not require identity verification, it is vulnerable to various types of fraud and threats including malware, social engineering, remote access, SIM swapping, call forwarding and other techniques. Using these techniques, the fraudsters are able to exploit two main points of failure:
Contextual multi-dimensional authentication (CMA) is a new approach for mobile payment verification that integrates large amount of data and uses machine learning to generate a risk-score. Paygilant’s CMA approach – SmartRISK ingests a wide range of fraud indicators: behavioral biometric, device fingerprint, transaction data, and more to generate a risk-score to distinguish between genuine/fraudulent activities throughout the entire user-journey.
The Stopping SIM SWAP in Its Tracks Datasheet outlines Paygilant’s ability to curb SIM SWAP.
Mobile Payments have evolved in past two decades. The growth of mobile payments, has spurred a mobile fraud industry.
Mobile payments horror stories in time for Halowwen. orget ghosts and goblins, mobile fraudsters are real-life villains haunting banks, ecommerce and mobile proivders
Where the US stands in relation to mobile payments.
Payments to hit 24 Trillion by 2027
The new financial kid-n the block is SIM SWAP. What IS sim swap and how does it work?
In just a few years, mobile P2P payments have exploded in popularity. Paygilant provides a real-time mobile fraud prevention solution for P2P, mobile wallets, financial institutions, and eCommerce.
Mobile Banking has become an integral part of the financial ecosystem. Almost all banks have one type of mobile payment app or another. But the are you aware of the widespread acceptability of mobile banking? Check out our 7 Mobile Banking Stats – That Will Surprise You infographic to learn the impact of mobile banking.
The overview document showcases Paygilant’s Mobile fraud detection and prevention solution, referring to specific use cases, product architecture and solution benefits.
Although, mobile payments using behavioral biometrics authentication is comparatively a new concept, its acceptance and adoption in the marketplace has been relatively quick.