Payfone on track to authenticate 50,000,000 transactions per day for Fortune 100 clients, including 6 of the top 10 US Banks, setting a new standard for mobile identity authentication

NEW YORK, Sept. 12, 2017 /PRNewswire/ -- Payfone, the world's leading invisible multi-factor authentication solution, announced today that it is poised to reach 50,000,000 authentication events per day by year-end. The New York City-based firm helps companies to protect their users and bottom lines with its patented technology that thwarts identity theft and mobile account takeover attacks. Payfone delivers seamless and secure identity authentication for many of the world's largest companies, including 6 of the top 10 banks in the United States. Recent additions to their client list include the leading cryptocurrency exchange, a rapidly growing luxury retailer, and one of the world's largest insurance companies.

"Our mission is to be the new standard for mobile and digital identity authentication. The adoption of Payfone among the Fortune 100 means we are well on our way to achieving this goal," said Rodger Desai, Chief Executive Officer, Payfone. "A key obstacle in further accelerating this standard has been the lack of harmony in the capabilities and data privacy frameworks of the US mobile operators. The mobile authentication taskforce that the US mobile network operators announced this past week is strong evidence that these partners are committed to supporting us for the long haul."

Payfone pioneered the disruption of the multi-factor authentication industry by making a contrarian bet that a more secure form of identity authentication could be performed silently, without any intervention by the end-user (thus eliminating the opportunity for hackers to employ social engineering). Unlike other 2FA and MFA solutions, which require the user to enter passwords, send one-time SMS passcodes or answer knowledge-based questions, Payfone's solution works invisibly in the background at the time of a transaction, allowing a more effortless experience for users that is simultaneously safer. The company architected partnerships with the top mobile carriers in the United States in order to build its robust analytics platform, which uses a combination of SIM card recognition, ground truth data sources and advanced algorithms to determine whether someone who is signing into an account is actually the user and not a fraudster.

About Payfone | Delight users. Defeat hackers.

Payfone is the leader in mobile and digital identity authentication for the connected world. We are trusted by the world's largest banks, insurers, brokerages and technology companies to enable effortless user experiences by instantly authenticating new user account openings, mobile and web logins, text and chat sessions, and inbound and outbound call center calls. It's all done through our patented platform, which dynamically analyzes millions of digital signals against multiple authentication factors to generate our proprietary Trust Score for each mobile identity—the only measure of mobile and digital trust of its kind on the market today. Learn more at www.payfone.com.

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SOURCE Payfone

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