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.”
About CyberSecurity Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit CyberSecurityBreakthrough.com.
Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.
About Zumigo
Zumigo is on the frontline of digital identity verification that helps the world’s largest enterprises secure transactions, devices and accounts. With a multi-layer approach, Zumigo validates users against a unique digital identity intelligence network that spans global carrier providers, third-party data analytics and databases, and payment information. Zumigo supports over 800 mobile operators, verifying over 4 billion mobile numbers globally with services reaching 180 countries. Zumigo is led by a team of industry veterans and is backed by some of the leading venture capitalists, including Aligned Partners, Wells Fargo Ventures, Intel Capital, and Capital One Growth Ventures. Learn more at www.zumigo.com.
Zumigo and Zumigo deRiskify are registered trademarks of Zumigo, Inc.
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