Paygilant

While the world is on high alert for any new information regarding the coronavirus pandemic, banks, merchants and payment providers need to pay just as much attention to fraud and cyber attacks.
Paygilant’s intelligence unit continues to monitor fraudulent activities and the growing number of fraudsters, using mobile devices and desktops or laptops to commit fraud. The costs of fraudulent transactions dramatically impacts the P&L during regular times, but it’s even more painful to pay the price of fraud during the global COVID-19 pandemic. Just over 80% of banking & payments fraud was attempted via mobile apps, and the preferred conduit of choice for fraud is mobile devices. This means that fraudsters are “flying under the radar” of the bank’s security layers and use various types of attacks which include Account takeover, credentials theft, new user onboarding, face recognition, vishing, sim swap and others, to successfully cash-out. Furthermore, fraudsters aren’t always using credit card transactions to do so. They are looking to other payment types like digital wallets, micro loans apps, mobile banking and alike.

As the global banking & payments market goes cashless – it is significantly accelerated by the COVID-19 pandemic. Paygilant is seeing a sharp increases in mobile money transfer and payment transactions using mobile banking apps, challenger banks’ apps and eCommerce ones, due to social distancing. Traditional & fintech banks are encouraging consumers to transact online, use contactless payments and transfer money online, as to not lose business during this uncertain time.
Paygilant works closely with the banks to continuously ensure that they stay protected and that their business is not exploited during this highly risky time. Paygilant’s product is designed exactly for such situations where customers cannot visit the branch and the main available channel to bank with, is the mobile.
At its core, Paygilant offers a super-effective digital payments authentication and fraud prevention solution, that is frictionless for the end-user and super-easy for companies to integrate.
Based on the combination of multiple fraud indicators, Paygilant’s six-intelligence sets work in harmony to identify fraudulent behavior in milli- seconds.Paygilant functions as a hub for digital payments, seeking for a fraud prevention & user authentication in a single & quick SDK integration.
Its secret sauce includes six intelligence sets – Device DNA, User Space, Activity Map, Bio Markers, App Insights and Transaction View – which distinguish between legitimate customers and fraudsters.
Without impacting and imposing on the user, Paygilant runs in the background to trigger a RISKY alert when fraud is identified and a SAFE one when the customer is successfully identified. Paygilant provides ongoing and continuous data analysis to ensure that transactions are approved only for legitimate users.