LAS VEGAS--(BUSINESS WIRE)--(Money 20/20 Booth Number 1135) -- Zumigo Corporation, a leader in mobile device location and identity verification, today announced that its Zumigo Assure suite of products delivers several proactive ways to mitigate credit card fraud when consumers’ card numbers inevitably get into the wrong hands.
Zumigo’s first-of-its-kind global location and identity SaaS platform is a cloud-based service that integrates with banks’ and merchants’ processing systems to verify the identity and location of a user’s mobile device along with credit card ownership to prevent fraudulent transactions. Discrepancies are quickly flagged as possible fraud, saving merchants and banks significant expenses ranging from fraudulent purchases and chargebacks to reissuing credit cards. Zumigo will demonstrate its solution this week at Money 20/20, being held in Las Vegas Oct. 22 – 25, in its Booth Number 1135.
Traditional tools for verifying credit card ownership during online purchases are proving ineffective. Address Verification Service (AVS) verifies only that the street number and zip code are correct, but does nothing to verify the name on the card. CVV codes, which are used to make sure that the credit card is in the possession of the right person, have also failed to stop fraud. Zumigo Assure Identity now offers enhanced services which search the consumer’s credit file using their name and address to match the credit card to their credit report. If the card is not found, it is likely that the name and address are not a match to the card.
“Combining real-time mobile operator data with real-time bureau data is one of most effective tools in preventing financial fraud and supporting identity-based business needs,” said Chirag Bakshi, Zumigo CEO and Founder. “Long before a breach is announced and before a credit card can be reissued, the consumer, the merchant, and the financial institution can all be protected.”
With the Zumigo service running and using a consumer’s mobile number during an online purchase, merchants have an improved approach to detecting fraud. First, the name and address of the purchaser can be compared to the name and address on the mobile account, and any discrepancies may indicate fraud. Second, the location of the mobile phone can be obtained using only the phone number. The location can then be compared to the location of the purchasing device, the billing address, and the shipping address.
“Zumigo’s mobile identity and credit verification solution is powering credit card protection services for major credit card companies and merchants today,” Mr. Bakshi continued. “As mobile ownership becomes pervasive globally, Zumigo is the only company to bring together authoritative mobile carrier identity information with real-time mobile location technology to solve a variety of complex security problems.”
Through partnerships with mobile operators, Zumigo discovers real-time information about the ownership and location of the phone readily available with the consumer’s consent. The mobile phone acts as a beacon for where the cardholder and credit card should be. The Zumigo cloud-based service is enabled with simple API integrations to banks’ and merchants’ processing systems to verify identity and location of a user’s mobile device to prevent fraudulent transactions. Beyond consumer consent to verify data, there are no extra steps, such as PINs to enter.
About Zumigo
Zumigo is pioneering a new generation of mobile services predicated on providing deeper insights into consumer behavior to help secure transactions, devices and identities. Its global solutions support onboarding new customers, separating valid transactions from fraudulent ones, verifying payments and marketing to customers with location in context. Zumigo is led by veterans of the mobile and financial industries with years of experience in developing and managing mobile solutions for some of the world’s largest carriers and enterprises. Headquartered in San Jose, Calif., Zumigo is a venture backed company. For more information, please visit www.zumigo.com.
Zumigo is a registered trademark of Zumigo Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
