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The surge in sales is attributed to the wide-spread consumer adoption of using mobile numbers as a unique identifier when interacting with businesses online. In today's mobile-first environment, where mobile devices are often used to access digital accounts via the mobile web browser and app, ensuring that the mobile number and associated identity belongs to the actual user is essential for preventing online fraud.
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Chirag Bakshi, CEO of Zumigo said "We are at the forefront of preventing the risk of fraudulent mobile identity use. We have seen a surging demand for our solutions because the number of online activities and transactions are growing rapidly, resulting in rampant fraud and identity theft. Businesses and operators select us for real-time digital identity intelligence to prevent fraud and reduce false positives."
The Zumigo platform leverages real-time mobile account information and a unique identity network for Know Your Customer (KYC) verification and risk assessment, including preventing mobile hijacking. Businesses are instantly presented with a trust score of the user based on fraud and risk indicators during account origination and log-in. With this score, businesses can decide whether to approve a new credit card application, fulfill an online transaction or open a new online user account.
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Since March 2022 when Zumigo deRiskify was launched – an application available on Shopify to help merchants detect fraud from online purchases made by consumers – additional products have been introduced. In Q3 2022 two new functionalities were launched in Zumigo Assure Identity – one tracks the risk profiles of mobile phone numbers while the other verifies email address validity while providing risk insights associated with it. In Q4 2022 another functionality was launched - Zumigo Assure Authentication which leverages cryptographic authentication of the device to establish trust between user and app. International coverage has also been expanded to include Europe and Latin America.
Bakshi said "Our business is growing rapidly because we are bringing the right solution to protect businesses from costly fraud without adding friction to user experience. Our partners and customers are driving value in reduced fraud across their businesses." He added that they have already established a strong foothold in financial industry but there is surging demand from retail, healthcare insurance sectors as well which they plan on meeting with more products & features launch in coming months.
Filed Under: Business
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