GeoVerify℠ solutions from XYverify deliver 4th factor authentication, supplementing knowledge-based methods to add new value and confidence for approving or denying any mobile transaction or service request.

XYverify Solutions Redefine Fraud Protection for Mobile Transactions and Authentication

Today's card-not-present transactions have far more data—and risk—associated with them. Signals continuously stream from access devices—PCs, smart phones and tablets. Data from past behaviors are available and require stronger risk assessment. How do merchants and financial services companies address these needs? Simple: GeoVerify fraud detection services.

XYverify location intelligence and mobile device signals—lat/long, wireless carrier phone number, with other KYC and AML software tools—create new opportunities to reduce fraud expense, while addressing compliance requirements. Applying XYverify verification solutions is an option set with dedicated decision parameters and rules, such as type of customer (new versus established), amount of spend, type of merchandise or service being transacted.

XYverify allows banks or financial services to let low-risk transactions proceed to the next step for authorization, without prompting the consumer for any additional information. In cases where a transaction is deemed high risk, you can trigger that XYverify "ping" customer's wireless device in background to better evaluate accepting or denying that transaction.

Why XYverify?

IP-based geolocation is a common security practice today, but it's increasingly unreliable as countless methods are used for fraudulent behaviors and actions. Other market solutions like "SafePass" apply an SMS-based multi-factor authentication tool. For risky transactions, customers are prompted to "send the text" and enter a value received on their mobile device. While these processes are much more effective, the user experience is lacking.

XYverify offers similar multi-factor authentication, without the customer's direct involvement. XYverify works in the background of the transaction, providing an enhanced user experience—thanks to the "invisible API engine." The API empowers banks and financial services to trigger the verification step in a secure and transparent way, without customer involvement beyond the one-time or persistent opt-in permission and consent step that is incorporated into terms and condition or other e-commerce page link(s) to request the customer's wireless mobile number for fraud mitigation.

XYverify provides Proximity to Transact verification using wireless cell phone carrier networks to confirm "where you are." Transactional services can match with known "who you are" credentials, independently referenced by the XYverify API and cloud-based platform that is integrated into any Internet authorization process.

Securely matching a customer's wireless carrier phone number with the proximity of that mobile device to an authorized physical location address range—matched by XYverify in a permitted geofence—is a powerful new fraud reduction and authentication tool. Geolocation features can alert financial institutions and their mobile customers with this 4th factor authentication for transactions ... among other services, like identity theft prevention. Financial institutions and card issuers can apply XYverify geolocation to reduce fraud and enhance shopping or service experiences of their on-the-go consumers.

For mobile gaming, companies can authenticate a gambler's location with XYverify to be in compliance with state laws by determining if an online gamer is physically located within a designated state distance proximity range to reliably authenticate and process a wager bet transaction.

Safeguarding personally identifiable location information is important to financial institutions and their customers. XYverify's Proximity Estimate reporting can ensure data privacy, security and compliance. Our Proximity Estimate simply reports that the pre-registered customer is—or is not—within an approved geofence or "smart" physical location zone. We deliver the next phase in location-based data masking to customize location validation with your rules for any transaction or access process. Location matching with the XYverify solution platform provides a best practice for location validation.

Tokenization removes any financial data or personal identifiable information so the XYverify API process will not impact your PCI compliance, risk or exposure of storing credit card numbers on third party systems. All we obtain on your website or shopping cart checkout process is advance customer consent to geo-locate their wireless device for your specific fraud mitigation process together with their wireless phone number. We simply report to you thumbs up or thumbs down authentication when you trigger the API to request a proximity to transact location match of that device in real-time, eliminating transmission or storage of secure customer financial information that only you maintain.

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