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Zumigo Inc., a provider of mobile-identity authentication technology, says it has enhanced its DeRiskify fraud-prevention product for e-commerce merchants by enabling sellers to authenticate customers without a password requirement when customers log into their account.
Eliminating the need for passwords in the customer-verification process pleases customers, which in turn can boost conversion rates and helps meet online sellers’ needs. the company says.
DeRiskify uses digital-user information such as the customer’s phone number, payment details, email and IP addresses to authenticate transactions and measure the risk of fraud concerning any particular transaction.
Zumigo says DeRiskify is available as an add-on for the Shopify and BigCommerce platforms, via API integration for custom e-commerce platforms, and through a Zumigo-hosted portal for ad hoc risk assessment.
“These types of saved-account solutions are popular with consumers, who are getting pretty used to using them, especially younger consumers [who] like accelerated processes” when shopping online, says Sheridan Trent, director of market intelligence at the payments research and advisory service TSG.
While eliminating the need for passwords to authenticate consumers can reduce friction at checkout, Trent adds merchants have access to alternative technologies that can achieve the same goal, such as biometrics.
“Biometrics are becoming more popular, and not just for accessing a mobile phone, and we are seeing a lot more two-factor authentication,” Trent adds. “Password managers are also popular with consumers and provide consumers access to all their passwords. Overall, any technology that can reduce fraud is a positive.”
Zumingo says it supports more than 800 mobile operators, verifying more than 4 billion mobile numbers globally in 180 countries.
