One thing positive coming out of Coronavirus fear has been the rush to digitize the world (although this maybe a 'wait and see' kind of thing), leading even the most established organizations to make their offering accessible through various digital channels. One of the main sectors to make the jump and highly benefit from it have been the finance and eCommerce industries, which have enjoyed the spike in online transactions. However, like with every highly profitable market, people will try to take advantage, and the online sphere in itself is incredibly vulnerable to fraudulent activity already.
So, how do companies ensure that the digitization momentum continues unharmed?
One company that aims to positively impact the movement is Israeli startup Paygilant, which provides a digital fraud prevention platform for finance and eCommerce industries. The company’s system deploys six proprietary intelligence sets that feed back data for analysis, which then the system turns into a “risky” or “safe” risk score in real-time.
This, according to the company, enhances the user’s journey, with a fraud prevention system in place to catch attempts even before they happen, giving high transaction enterprises an easily integrated system to ensure user privacy and proper identification even before the transaction is completed.
This reassuring capability has led the Israeli startup to form a partnership with an institution backed private bank called Banco de Comercio. The alliance will see Paygilant assist the South American banking enterprise with its digitization efforts.
"We are delighted to partner with Banco De Comercio to provide Peruvian customers the highest standards in fraud prevention and frictionless customer experience," said CEO Ziv Cohen, who co-founded Paygilant in 2014 with over 20 years experience in the fraud and cyber-security industries behind him.
Banco de Comercio looks to leverage Paygilant’s technology to spearhead remote financing offering by implementing the Israeli startup’s mobile fraud prevention to ensure the bank’s customers easily accessible, secure service and privacy, in addition to a smarter way for the bank to cover itself against fraudulent online activity.
"With Paygilant, we are confident that our new digital platform will let our clients transact with a high degree of security and simplicity," said Aron Kizner, CEO of Banco De Comercio. Kizner emphasized the importance of the Paygilant platform as part of the new digital channel stating "Paygilant will be the backbone to our new digital platform focused on customer experience, simplicity and fraud prevention."