IDology, a leader in multi-layered identity verification and fraud prevention solutions for the customer-not-present environment, today announced a strategic equity investment in Payfone, a leading mobile identity authentication provider.
IDology has also integrated the Payfone solution as part of its ExpectID Mobile Solution to better reduce risk associated with mobile devices and improve the mobile commerce experience.
"IDology is a leading solutions platform for identity verification and fraud prevention that assists customers with account origination and step-up authentication," said John Dancu, chief executive officer of IDology. "Our partnership with Payfone strengthens our identity verification and fraud prevention process and also enables IDology to provide network authentication and transaction monitoring for ongoing transactions. Payfone will be a key partner with us in the advancement of solutions for the mobile environment. Our decision to invest in Payfone's business stems from our commitment to enable mobile solutions that strike a balance between convenience and security and deliver personal, secure and frictionless access to products and services."
IDology will combine its multi-layered ID verification and fraud prevention platform with Payfone's unparalleled mobile security services. The result is a powerful mobile security solution, ExpectID Mobile. Now, customers using IDology's ExpectID Mobile solution can seamlessly establish, maintain and trust a mobile identity associated with a legitimate consumer.
"IDology is an excellent strategic partner for Payfone as we continue to develop solutions that help businesses fight mobile fraud," said Rodger Desai, chief executive officer of Payfone. "Payfone already exclusively serves as a critical ingredient to the bank consortium that helps traditional banks and FSOs fight fraud, with this new partnership, we are excited to bring capabilities to additional markets such alternative finance and payment gateways, healthcare, medical and retail through IDology. Through IDology integrating Payfone's services as part of their mobile solution these businesses will be now be able to better to serve legitimate customers and also understand the risks they face on mobile.
"Establishing a mobile identity is a complex challenge," said Dancu. "This is due to a number of reasons such as the rise in mobile account takeovers, improved mobile spoofing technology and the millions of change events that occur with mobile devices such as a consumer porting a device between carriers. ExpectID Mobile allows organizations to establish a mobile identity for a consumer that is persistent through numerous different life cycle change events and is resistant to mobile fraud tactics. When a customer signs up for an account on a mobile device, the IDology solution first verifies the consumer's identity and ensures that there are no fraud flags associated with it. Then, ExpectID Mobile is able to create a mobile bind, or persistent identity, for that consumer. This mobile identity can be used to streamline ongoing transactions and ensures the legitimate user is performing the action, instead of a fraudster. The persistent mobile identity can also be created independent of an identity verification."
ExpectID Mobile operates seamlessly within IDology's platform, allowing organizations to verify that the consumer is who they say they are, bind them to a trusted mobile identity, confirm this mobile identity bind upon customer log-in and escalate to a higher level of verification only when needed. This is all delivered in an on-demand technology platform that enables businesses to determine their own business rules based on their own specific requirements.