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.
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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Invisible Technology is Different and Better
XYverify fraud prevention and compliance verifies your customer's location at time of transaction to reduce risk and fraud. The service applies mobile device location verification as new technology to better authenticate financial services. Working invisibly in the background of transaction, and without any software or code download, XYverify adds breakthrough compliance and risk reduction to better Know Your Customer (KYC) and comply with Anti-money Laundering (AML) regulations. Location intelligence confirms mobile device distance from any business, merchant, home or other postal address locations to better verify or deny transaction requests-never tracking customer location or capturing personal identifiable data into an API solution that confirms real-time customer's mobile device location match to postal mail address distance rules. The privacy-protected approach is unique and dramatically innovates and reduces bank and others risk expense or compliance exposure.
We Deliver 4th Factor Validation Services
XYverify introduces a brand new way for financial institutions to reduce costs around high-risk transactions by allowing them to apply mobile geolocation authentication and do it quickly over mobile in an automated fashion by applying the XYverify API platform in the Cloud.
By incorporating XYverify's 'where are you' data into authentication algorithms that have traditionally relied solely upon a determination of "who are you", those algorithms produce substantially improved results. Subsequently, XYverify's customers realize significantly reduced transaction fraud rates and improved customer service. The XYverify Proximity to Transact verification service works seamlessly in the background as transactions are being undertaken. The service leverages existing wireless infrastructure. No software download or application is required on the associated mobile device.
API Integrates Cloud With Risk Reporting
The API's out-of-band fraud reduction benefits can be combined with geolocation rewards, offers and incentives to generate more revenue for merchants and business partners with robust incentives by using geolocation provided by XYverify API platform that never requires any device application download or install process. Everything works in real-time, even on feature phones to reduce fraud and deliver a new fourth factor of authentication process within an approved geofenced proximity to transact range.
The multi-platform authentication solution can apply to multiple service applications, potentially being the trustworthy verification solution for "intrastate" poker transactions, which means bets are both taken and placed within a given state's borders, such that the subscriber is allowed to make transactional wagers when validated in geofence of his or her pre-registered driver's license home mailing address.
No app install or download required
The U.S. patent applies carrier cell-tower triangulation with assisted-GPS and other hybrid mobile network technologies, and mobile device micro sensors, to work rapidly indoor where most transactions take place. Previous IP focused on GPS device satellite authentication unable to report indoors. XYverify works in real-time, even on feature phone, to reduce fraud within an approved proximity range to transact.
XYverify keeps specific location information hidden only reporting a Proximity Estimate match. As a result, financial networks and mobile services get verification they need, but not specific consumer identifying data. The result is "trusted" 3rd party location status verified by out-of-band authentication, combined with variable rules and permissions programmed into Cloud-based API. The Company applies same technologies for location voting & polling authentication solutions under its eVOTZ® service brand.