We are solving the mobile payment fraud problem. The mobile payment market is growing dramatically across the world, but with that, fraud is on the rise. On one hand, the risks are growing and on the other hand, everyone is trying to make the whole payment process smoother and involve the customers as little as possible. We do that.
We designed and developed a fraud detection risk engine. It’s a system that runs on the customer’s mobile device as opposed to other fraud detection systems run in the back end of banks, payment providers, wallet providers, etc. Their problem is that they experience very high false positive rates which increases operational costs and generates too high of a friction with the customer. Our system runs on the customer’s mobile device and we managed to triple the fraud detection rate, dramatically reducing the risk, while at the same time reducing the need to authenticate when it’s not even necessary such as when the likelihood of this transaction being fraudulent is low enough.
Legacy fraud detection systems that were developed 15-20 years ago mainly for the card industry and not for the instant payment and mobile channels.
All the customers and banks using these systems do experience the problems mentioned above and because of that they are also looking for new solutions that can address the new channels and services that they’re providing to their customers. Because the whole process now is different, the payment is instant and the system to address that should be different from what we’ve had till now and that is what we do.
It’s impossible to prevent attacks from happen. The only solution is to detect and then respond and because of that you need to decentralize the risk, because if someone manages to hack into your organization then the impact is severe. If you decentralize and distribute your risks across all your customers, the impact will be minimal.
We’ve just been selected by VISA and Master Card. We’ve been chosen by the European Commission as the most disruptive and innovative technology in the mobile payment security space. We work with IBM. Come to us every day. We have daily breaking news!