Paygilant
Fraud Detection and Prevention for Mobile Wallets
Paygilant
Paygilant is a Fraud Detection and Prevention layer designed for Mobile/Electronic Wallet and Mobile Payment channels. It works independently of the utilized transaction infrastructure and supports NFC, QR, Online and all the other protocols.
Paygilant fraud detection engine monitors actual transactions in real time on the user’s mobile device, detecting and preventing suspicious financial transactions before they reach the bank. Paygilant does not require installation and runs transparently to the user.
Paygilant’s ultra light fraud detection engine generates individual behavioral maps by processing the user’s past and current transactions.
Each behavioral map is shaped according to the user’s consumption and spending behaviors. Paygilant works 100 times faster than traditional fraud detection technologies. According to a 2016 fraud risk report by LexisNexis, any $1-dollar fraud that occurs in banking channels costs the bank $3.08 dollars on average. In 2018, total fraud loss in Mobile/Electronic Wallet channels is expected to be $20 billion, while fraud costs are expected to reach $75 billion worldwide.
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Murat Zobu
Migros Ticaret A.Ş.