PRZOOM - /newswire/ -
San Jose, CA, United States, 2015/03/24 - Unveiled at MRC Vegas 2015, new Zumigo Assure Payments functionality enables merchants to secure e-Commerce transactions and validate consumers’ credit card credentials - Zumigo.com.
Zumigo Corporation, a leader in mobile device location and identity verification, today introduced the industry’s first merchant payments validation service based on the real-time location of a customer’s mobile phone, as well as a service to verify consumers’ identity and credit card credentials during online purchases to prevent e-Commerce fraud. This new functionality of the Zumigo Assure Payments™ mobile solution is being launched at the MRC (Mobile Risk Council) Vegas 2015 conference this week in Las Vegas, in Zumigo’s booth number 624.
While merchant processors confirm if a payment is authorized, they don’t protect merchants from later charge-backs if the credit card credentials are determined to be stolen. If fraud occurs, merchants have already shipped the merchandise and incur the full brunt of the loss. Now with Zumigo, merchants can have an additional layer of protection from thieves using stolen credit card credentials. By verifying the transaction information supplied by a consumer, such as name, address and mobile number, merchants can prevent fraudulent purchases before they happen.
According to the 2014 LexisNexis® True Cost of Fraud℠ Study,“Large e-Commerce merchants tend to over-rely on CVV in online card transactions, and this segment uses fewer fraud- prevention solutions in 2014 compared to 2013…No one solution is perfectly effective against online fraud, so e-Commerce merchants should take advantage of compensating controls to verify the customer identity, device, and payment method being used to make remote purchases.”1
Zumigo’s new solution verifies the purchaser’s identity against mobile billing records delivered through Zumigo’s partnership with mobile operators and EquiF: This verification includes matching the credit card ownership details against the owner of the mobile device identified to the shopping cart. In addition, Zumigo can identify the real-time location of the mobile phone to be compared against the IP address, as well as the shipping and billing address of the purchaser. When all of these relevant data points match, merchants can be assured of a lower-risk transaction while identifying higher-risk ones for additional scrutiny or denial.
Zumigo Assure Payments also supports the tremendous growth in smartphone-based mobile commerce. By enabling merchants to augment their existing shopping carts with secure automated form population, cart abandonment can be reduced along with fraud. With just a few pieces of identifying data, the phone owner’s name, address and payment credentials can be loaded into the shopping cart.
“Since merchants own the risk of online purchases, Zumigo now offers a new way for them to mitigate that risk and prevent payments fraud and e-Commerce losses,” said Zumigo Founder and CEO Chirag Bakshi. “Consumers will opt for convenience over security if the security is too complex, and with Zumigo users don’t need to alter how they conduct online purchases. Merchant customers turn to us to help them identify and authenticate users and reduce fraud that is so rampant with e-Commerce.”
Zumigo’s cloud-based services are enabled with simple API integrations into a merchants’ existing shopping cart to verify identity and location of a user’s mobile device to prevent fraudulent transactions. Solutions can be deployed to a traditional website, mobile web or mobile app. Beyond consumer consent to verify data, there are no extra steps, such as PINs to enter. Zumigo uniquely authorizes transactions through customer location and identifies the right customer with the right device, using location and network data across all global networks and mobile devices.
The new solution is available today. For more information, visit the website.
Zumigo (zumigo.com) is pioneering a new generation of mobile services predicated on providing a richer experience for customers through more relevant, context- based information. Its global solutions support marketing to customers with location in context, and securing financial transactions using mobile infrastructure. 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.
Note 1 LexisNexis®,“2014 LexisNexis® True Cost of Fraud℠ Study,” Aug. 2014.
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.