Zumigo, Inc., the leader in mobile identity authentication, today announced that Zumigo deRiskify has been named the e-Commerce Security Solution of the Year in the 7th annual CyberSecurity Breakthrough Awards program conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market today.
Zumigo deRiskify leverages deterministic – not historic or predictive – mobile user information to authenticate identification and verify payment method to stop fraud before orders are processed. This allows businesses to reduce fraud losses by eliminating chargebacks.
Zumigo deRiskify uses either silent authentication or SMS verification/voice call authentication against Zumigo’s unique Digital Identity Intelligence Network, which includes real-time mobile account data to validate the name and address, and determine transaction risk associated with the mobile number. A user’s mobile number account is a paid service connected to a real person, often over several years, thereby creating a data-rich identity.
The breakthrough solution also validates the name associated with the payment instrument and other transaction-related data such as IP address, email address, and billing to shipping geodesic distances. deRiskify analyzes various data attributes to provide a risk-based score for each transaction. A merchant can choose to fulfill only the low-risk transactions.
“Based on data from our customers’ usage over the past year, 16% of the online transactions were potentially fraudulent, which could lead to significant loss,” said Chirag Bakshi, Zumigo CEO. “Our goal with Zumigo deRiskify is to use real-time live data to establish trust with minimal friction. We’re grateful to CyberSecurity Breakthrough for the e-Commerce Security Solution of the Year award, which validates our unique approach. By authenticating the user in the background in a frictionless multi-faceted way, we aim to enhance consumer experience while also reducing fraudulent activities.”
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of information security categories, including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Email Security, and many more. This year’s program attracted thousands of nominations from over 20 different countries throughout the world.
“deRiskify is more accurate and eliminates more false positives,” said Steve Johansson, managing director, CyberSecurity Breakthrough. “Existing fraud prevention and ID validation solutions use either historic pattern-based data or predictive data, which can be inaccurate or add friction to the user experience. Zumigo makes use of real-time live data from trusted data sources to protect e-commerce business from fraud. Merchants now have a solution that enhances the overall user experience with an added layer of confidence in fulfilling transactions.”
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