Mobile commerce solutions provider Mozido is partnering with IdentityMind Global after taking part in the risk management platform’s Series B round.
As part of the investment, the two companies have formed a strategic partnership to “expand safe, secure mobile commerce around the world”, for both banked and unbanked customers.
Consumer transactions supported by Mozido will benefit from the IdentityMind investment, which will help Mozido to combat international payment fraud.
Because unbanked consumers don’t traditionally have the credit and transaction history that banked consumers typically have, Mozido’s partnership with IdentityMind will create a new risk managed ecosystem for authenticating unbanked user identities.
Mozido has integrated IdentityMind’s technology into its MoTEAF platform—a cloud-based mobile ecosystem for payments, engagement, and rewards—and will be accumulating data from all transactions running on the MoTEAF platform.
“Fraud prevention in e-Commerce and online transactions is most effective when the identity of the consumer or entity is known,” said Garrett Gafke, president and CEO of IdentityMind. “Our platform recognizes individuals based on a combination of attributes and helps validate how these attributes correlate against each other both online and offline.”
“This is particularly important in mobile commerce where online merchants sacrifice collecting information for reducing friction in the mobile payment/registration process, and mobile adoption is larger within underbanked and unbanked demographics,” he added.
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