IDology Inc. Forges Strategic Partnership with Payfone to Increase Mobile Commerce Security (Oct. 13, 2015)
Atlanta-based IDology Inc., is augmenting its ammo to battle against fraudsters in the mobile payments and e-commerce channels with a strategic investment in Payfone Inc., combining IDology’s online identity verification and fraud prevention services with Payfone’s mobile security services with a new service, ExpectID Mobile, to verify customers’ identities in the mobile space.
IDology created the new service to offset fraudsters’ rising activities in mobile account takeover and improved mobile spoofing tactics, by hardening the process of establishing and maintaining legitimate consumers’ mobile identities, according to John Dancu, IDology’s CEO. Verifying mobile identities also become a more complex challenge because of the millions of changes that occur with mobile devices, such as consumers porting devices between wireless carriers, he notes.
With ExpectID Mobile, when a customer creates an account to make a payment or purchase using a mobile device, IDology first verifies there are no fraud flags associated with it, then it creates a mobile identity for the customer that it maintains with ongoing checks. ExpectID Mobile verifies that the customer is who they say they are, binds them to a trusted identity and confirms it upon log-in to an existing account, the companies said. When data indicate a higher fraud threat is present, the service provides the opportunity to step up verification processes, but the new service provides a more streamlined approach to routine verification of all mobile transactions, they added.