Mobile Payments Fraudsters Beware: Paygilant, Scanovate Team-Up Has Your Number

July 18, 2019         By: Steven Anderson

Despite the onslaught of advances in the mobile payments market, as far as security goes, potential mobile payments users everywhere are still terrified that the use of mobile payments will have catastrophic effects on everything financial in their lives. Mobile payments providers, meanwhile, have frantically rushed to shore up security and assure potential users that the risks are minimal, to varying degrees of effectiveness. Paygilant, meanwhile, recently tipped us off about its own contribution to the security front, bringing in some help from Scanovate to help better secure payments.

Paygilant took its machine learning fraud prevention tools, designed to help automated systems better catch issues amiss in the system, and connected these to Scanovate’s line of digital identity intelligence tools to provide a whole new power on the payment authentication front.

While Paygilant’s system wasn’t exactly a slouch before—it boasted six different intelligence sets, including device fingerprinting, transaction data and behavioral biometrics—the addition of Scanovate’s systems takes advantage of all that data Paygilant gathers to help detect potential fraud in the making.

Scanovate’s chief architect Guy Stiebel noted “The industry is not looking at just the transaction anymore but rather the bigger picture of who, what, where and when without compromising user & data privacy. By augmenting Scanovates’ advanced identity management with robust intelligence gathered by Paygilant provides organization with the optimal processes to easily identify and distinguish between fraudulent activity and authentic transactions. Organizations can simultaneously reduce false positives and detect more fraud.”

The combination of fewer false positives and greater fraud detection is the kind of thing that should have retailers turning handsprings. We’ve seen the kind of impact that false positives and overzealous security can have, turning an otherwise pleasant shopping experience into a pocket disaster. The combined effects of Paygilant and Scanovate’s tools should go a long way toward making a safer mobile payments experience, and hopefully finally banishing the bugaboo that is security.

Oh, sure, we’ll never completely get over security concerns. Nor should we; only vigilance truly protects us in the end. It would, however, be nice to see it no longer with a lock on the top concern, and we may well be getting close to that point thanks to developments like Paygilant and Scanovate’s.