In an official press release, IDology, a fraud prevention and identity verification provider, announced a strategic equity investment in Payfone, a leading network authentication provider. IDology provides real-time technology solutions that verify an individual’s identity and age to help drive revenue, decrease costs, prevent fraud and meet compliance regulations. The company integrated the Payfone solution with ExpectID Mobile Solution to reduce the risk associated with mobile devices and improve the mobile commerce experience.
“Our partnership with Payfone strengthens our identity verification & fraud prevention process and also enables IDology to provide network authentication and transaction monitoring for ongoing transactions. Payfone will be a key partner with us in the advancement of solutions for the mobile environment,” said John Dancu, Chief Executive officer of IDology in the press release.
As stated in the announcement, customers using IDology’s ExpectID Mobile solution can now seamlessly establish, maintain and trust a mobile identity associated with a legitimate consumer. The combination of IDology’s multilayered ID verification and fraud prevention platform with Payfone’s mobile security services will result in a powerful mobile security solution, ExpectID Mobile.
“Payfone already exclusively serves as a critical ingredient to the bank consortium that helps traditional banks and FSOs fight fraud. With this new partnership, we are excited to bring capabilities to additional markets such alternative finance and payment gateways, healthcare, medical and retail through IDology,” said Rodger Desai, Chief Executive Officer of Payfone.
About IDology, Inc.:
Founded in 2003, IDology offers a solution-driven approach to identity verification and fraud prevention that ultimately helps increase customer acquisition and improve customer experience. IDology has developed an innovative and on-demand technology platform that allows customers to control the entire proofing process and provides the flexibility to make configuration changes that are deployed automatically without having to rely on internal IT resources or IDology’s customer service. For more information, click here.
ExpectID allows organizations to verify that consumers, bind them to a trusted mobile identity, confirm the mobile identity bind upon customer log-in and escalate to a higher level of verification only when needed. This is delivered in an on-demand technology platform that enables businesses to determine their own business rules based on their own specific requirements. For more information, click here.
Payfone is a leader in mobile identity authentication. Payfone’s suite of network authentication services provides unparalleled mobile security while eliminating friction from the customer experience. The company is backed by leading venture firms, financial institutions, mobile network operators, and early warning services and is based in New York. For more information, click here.