Digital identity authentication company Payfone is looking to launch its services to 35 new global markets next year.
The company is looking to launch its services in Australia, Austria, Canada, Chile, Colombia, France, Ireland, Italy, the Netherlands, Nigeria, Poland, Singapore, South Africa, Spain, Switzerland, and the UK, during the first quarter of 2019.
Following releases here, Payfone will seek to deploy in Belgium, Czech Republic, Denmark, Finland, Hong Kong, Hungary, Israel, Japan, Luxembourg, Malaysia, New Zealand, Portugal, Romania, Russia, Sweden, Thailand, Turkey, and the United Arab Emirates, during the rest of the year.
The company came to the decision to launch in these countries after it received a cybersecurity award at the 2018 SINET Security Innovation Network.
Payfone is a digital identity authentication solution which helps banks, insurers, brokers and technology companies to beat fraud in real-time. The company’s trust score solution determines confidence in the identity through real-time insights at the point of transaction. Its system checks to see whether a SIM swap has occurred though behavioural analytics.
Payfone CEO Rodger Desai said. “SIM swap fraud continues to make headlines around the world as a growing threat that is draining consumer bank and cryptocurrency accounts.
“Fortune 500 clients who have used our technology to dramatically reduce or completely eliminate SIM swap fraud and other account takeover attacks in domestic markets have communicated their need to extend this capability across their global portfolios.
“We listened very closely to those requests and are pleased to announce that starting in Q1 2019, we will be able to meet that demand, allowing our clients to protect their customers across the globe.”
Earlier in the year, the company secured the patent for its anti-SIM swap and porting attack prevention technology.
This came just months after Payfone raked in $23m during a funding round from investors including MassMutual Ventures and Synchrony Financial. In total, the company has raised around $93m in equity funding.
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