TEL AVIV, Israel, September 18, 2017 /PRNewswire/ —
Paygilant, the frictionless on-device solution for mobile payment fraud detection, has been selected by The Mobile Wallet (TMW), India’s first complete payment solution that offers a fully functional mobile payment service for a wide range of services.
Mobile payments have become an overnight success after Prime Minister Modi announced India’s demonetization policy last November. The challenge for mobile payment providers that wish to become a serious player in the new mobile payment ecosystem is ensuring an easy and secure mobile payment experience. This includes having a proactive plan for combating mobile payment fraud.
Globally, digital payment fraud is climbing steadily and is already six times higher than card fraud. In India, fraudsters have already found ways to infiltrate the digital banking system: In October of last year over 3.2 million debit cards were compromised in one of the biggest financial breaches ever in India.
“India is undergoing a transformation into a cashless society. As a key player in India’s transformation into a cashless society, it is our responsibility to create a safe environment for our customers. Paygilant’s on-device mobile payment fraud prevention technology, with its ability to detect fraud in the pre-transaction stage, gives us this capability,” says Vinay Kalantri, TMW’s founder and CEO.
“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,” says Ziv Cohen, CEO of Paygilant.
Paygilant provides an on-device mobile payment fraud detection solution that minimizes both mobile payment fraud as well as customer authentication friction. The solution detects fraud on the mobile device itself in the pre-transaction phase as opposed to after-the-fact traditional legacy systems which are strongly dependent on call center operations for transaction validation.
The Mobile Wallet is India’s first complete mobile payment solution offering customers a safe and secure shopping experience without having to reach for their physical wallets. Its mission is to make it easier for both Indian citizens and businessmen to be a part of the dream of a cashless society.