A contextual authentication framework that supports multiple payment instruments
Offers comprehensive risk assessment and authentication based on behavioural analytics
Balancing seamless payment experiences with reliable identification of fraudulent transactions
5th September 2023: Wibmo, a PayU company and an industry leader in payment security and digital payments has strengthened its product portfolio by introducing Wibmo Protect. A cutting-edge multi-payment instrument risk-based contextual authentication solution, Wibmo Protect is powered by behavioural analytics to improve the payment authentication experience for faster secure checkout.
Wibmo Protect leverages deep data analytics to examine large datasets, learn from the latest fraud trends, and identify fraudulent transactions to facilitate seamless payment experiences. This is further augmented with contextual authentication, which allows trusted consumers riding on Customer Trust Score to make quick and secure payments without OTPs.
This innovation offers issuers and fintechs best-in-class risk management with comprehensive fraud analysis and an appropriate level of authentication. It analyses each transaction through various data sets, including 3DS and EMV 3-D Secure Authentication, consumer behaviour and spending analysis, and transaction fingerprinting through device information, usage behaviour, etc. The risk engine also has a feedback model for transactions and fraud patterns.
Speaking on the launch, Suresh Rajagopalan, CEO, Wibmo – A PayU company said, “As the global digital payments market continues to grow, there is a stark rise in Card-not-present (CNP) fraud losses, estimated to reach $71 billion in 2023. With Wibmo Protect, we address these concerns and help issuers and fintechs mitigate such frauds. With the use of customizable ML and contextual authentication, we have created a holistic solution that balances best-in-class fraud identification with seamless transactions for customers. The solution will also help issuers offer a seamless experience with flexible authentication methods and real-time risk detection and prevention.”
Wibmo Protect suite comprises Wibmo’s widely acclaimed components, IVS ACCOSA ACS, Trident FRM, and Tridentity. ACCOSA IVS calculates the risk score of every transaction using its risk and fraud prevention engine, TRIDENT FRM. Service providers can determine the transaction’s path based on their risk appetite: accept the transaction without challenging the cardholder, send it for multifactor authentication using TRIDENTITY (biometrics, push notification, QR), or reject it.
The risk score is calculated from hundreds of data points collected across channels and devices, allowing service providers to detect fraud in its early stages. The combination of strong risk assessment and flexible decision-making capabilities enables seamless authentication in the fast-paced world of digital commerce.
Wibmo Inc., a Cupertino, California company, is a subsidiary of PayU. It is a global full-stack PayTech company, an industry leader in payment security and digital payments in emerging markets. The company is India’s largest authentication service provider and one of the world’s leading digital payments markets. It also offers fraud and risk management solutions, mobile payments, prepaid solutions, and a host of merchant-acquiring services.