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Crowdsourced mobile fraud intervention solution revealed at FinovateAsia 2012


Ottawa based high tech firm, Zighra to reveal its patent pending crowdsourced mobile authentication solution at FinovateAsia 2012 on November 6th in Singapore

Singapore (PRWEB) November 05, 2012

Today, Zighra announces that it will be presenting ZfraudShield—its flagship crowdsourced mobile fraud intervention solution—at FinovateAsia 2012. ZfraudShield empowers Banks and Financial Institutions to leverage real-time, mobile & crowdsourced customer information to fight fraud, reduce call center costs, and rebuild customer confidence.

The banking and financial sector bleeds out well over $100 billion world-wide each year from fraudulent transactions. This is a massive and growing problem for the industry and customers alike. Current fraud solutions still cannot resolve the high false positive rates that cause extreme inconveniences to cardholders and merchant dissatisfaction. Banks estimate that a single false positive can cost up to $30. This amount represents, on average, the processing costs, analytical reporting, and call center costs.

Banks and card issuers lose over $10 billion per year with current fraud management processes and tools. Using mobile technologies and crowdsourcing, ZfraudShield can help banks eliminate at least 35% of their losses, saving them over 3.5 billion dollars annually. “We are excited to demonstrate the unique features of ZfraudShield including its unique user interface, its ability to be deployed on any mobile banking app, and its role in harnessing the collective intelligence of consumers to fight fraud” states Deepak Dutt, the company founder and CTO.

The Finovate Group holds conferences internationally that showcase the future of financial and banking technology. FinovateAsia 2012 is the first conference to be held in Asia by The Finovate Group and will feature ground-breaking products provided by financial technology leaders, startups and institutions.

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