Paygilant Summoned by The Mobile Wallet to Protect Indian Users Against Fraud

The Mobile Wallet is currently known for being the first complete mobile payments system in India that offers not only mobile payments, but also a slate of other services as well. A system like that is not only valuable to its end users, but also to potential hackers who want to get in on all that data it generates. To protect The Mobile Wallet, therefore, its producers are turning to Israeli firm Paygilant.

Paygilant is an on-device solution that looks to provide its protection without friction, giving users not only a secure experience, but an experience where security doesn’t interfere with the overall operation of the app itself. How does it pull this off?

It’s a comparatively simple approach, actually; instead of trying to spot fraud after it’s happened, Paygilant focuses on being vigilant—kind of where the name comes from—and spotting fraud in the “pre-transaction phase.” In so doing, it looks to stop a problem before it even starts.

Fraud is still a major problem, despite everything that’s been done so far to prevent it. Back last October, around 3.2 million debit cards in India had their information compromised. That’s not the only such incident, but one of the biggest, leaving more than a few Indians—and others as well—likely concerned about the state of security in mobile payments.

Paygilant’s CEO, Ziv Cohen, commented “The existing fraud detection process, a combination of authentication, tokenization, and legacy backend fraud detection systems, allows fraud to continue undetected while increasing operational costs. We look forward to working with TMW to improve this process and achieve the level of customer trust needed to succeed long-term in this market.”

With users still concerned about the state of security in mobile payments, it’s easy to see why mobile payments companies are so eager to constantly improve security. These developments need to take place just to keep customers from frantically jumping ship in droves; customers too thoroughly concerned about security to use a mobile payment system simply won’t. Additionally, a lack of clearly-defined security likely emboldens at least some fraudsters.

Protecting mobile payment systems is vital to ensuring their continued use. The Mobile Wallet’s use of Paygilant might just be the tipping point to keep users in the fold.