Payfone joins with UK mobile network operator to thwart digital fraud

Mobile identify authentication startup Payfone has partnered with O2, a U.K.-based mobile network operator.

In the wake of increased incidences of digital fraud, the partnership aims to protect mobile users against cyber-hacks, account takeover attacks, SIM swap attacks, and other forms of fraud.

O2 will leverage Payfone’s Instant Authentication for Mobile, a behind-the-scenes, identity verification solution that enables enterprises to authenticate their clients through mobile phones. It does this ‘quickly and securely’ by using a Trust Score that is generated by analysing digital signals against multiple authentication factors. The solution allows companies to eliminate two-factor authentication methods like SMS one-time passcodes and knowledge-based authentication.

“We are honored to partner with O2 to introduce a safer and more seamless digital world for mobile users in the UK,” said Rodger Desai, chief executive officer, Payfone. “Payfone is already on track to authenticate 50,000,000 transactions per day in the United States and extending our capabilities into the United Kingdom is a major milestone for us as we continue our expansion into 35 worldwide markets.”

Payfone’s Mobile solution is already being used by 6 of the top 10 banks in the United States. Launched in 2009, the company claims to enable effortless user experiences by instantly authenticating new user account openings, mobile and web logins, text and chat sessions, and inbound and outbound call center calls.

Last year, Payfone raised $23.5m in a Series E round of funding. BlueCross BlueShield Venture Partners and Andrew Prozes led the round, with new investors Strauss Zelnick, Maclab Development Group and Transaction Network Services also participating.

The partnership comes just days after Trulioo launched a new Know Your Customer solution for mobile network operators. The global identity verification provider said the KYC solution will connect to 24 of the world’s largest Mobile Network Operators (MNOs), providing the ability to verify 1.8 billion mobile users worldwide through a single service. Through the new tool, mobile network carrier data will be combined with existing KYC sources, with MNOs from US, Canada, UK, China, India, Spain, France, and Switzerland providing mobile identity verification to help meet compliance.

Copyright © 2018 RegTech Analyst

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