Zumigo DeRiskify Wins “Fraud Prevention Innovation of the Year” in 2024 CyberSecurity Breakthrough Awards Program

Innovative e-Commerce Solution Combines Order Risk Verification with Secure Onboarding and Authentication for Complete Fraud Prevention Platform

Zumigo DeRiskify Wins “Fraud Prevention Innovation of the Year” in 2024 CyberSecurity Breakthrough Awards Program

Yu-Ting Huang
Zumigo, Inc.
press@zumigo.com

Zumigo, Inc., the leader in digital identity authentication, today announced that its flagship e-commerce solution Zumigo DeRiskify has won the Fraud Prevention Innovation of the Year award in the 8^th annual CyberSecurity Breakthrough Awards program. The program is conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market today.

Zumigo DeRiskify is the only fraud prevention platform in the market that allows a merchant to accurately assess the risk of transactions while offering a more secure way of onboarding and authenticating a customer. The verification and authentication on both ends of the purchase process prevents fraudsters from signing up for accounts using stolen personal information; and prevents fraudulent transactions from being fulfilled.

“Zumigo DeRiskify frees merchants from the resource-consuming cycle of fraud chasing, while saving millions from chargeback costs resulting from fraud,” said Chirag Bakshi, Zumigo CEO. “Merchants can also maintain the reputation for security and trust, and safeguard the customer's financial assets. The onboarding innovation improves conversion at checkout and reduces authentication friction in customer experience. The recognition from CyberSecurity Breakthrough is a testament to our continued innovation to protect merchants and their customers.”

Zumigo DeRiskify assesses transaction risks by validating the name associated with the payment instrument and other transaction-related data such as IP address, email address, and the distance between billing to shipping addresses. It also confirms phone possession to verify orders. Zumigo DeRiskify analyzes the above data attributes to provide a risk-based score for each transaction. A merchant can choose to fulfill only the low-risk transactions.

In onboarding and authenticating customers, Zumigo DeRiskify offers passwordless login option after completing enrollment to reduce customer friction and increase conversion; and improve security and user experience. Customer shipping and billing information can also be pre-filled in the checkout form for a faster shopping experience after customer completes enrollment on the store.

Zumigo DeRiskify is available as a plug-and-play app on major e-commerce platforms including Shopify and BigCommerce today. Merchants can also get the benefits of Zumigo DeRiskify via direct API integration with their e-commerce store or via Zumigo-hosted portal for manual ad hoc risk assessments.

“The emphasis on real-time data sets Zumigo DeRiskify apart. Both security and user convenience are crucial in today's digital landscape. However, most e-commerce risk solutions rely solely on predictive modeling and historical data, offering less accurate and up-to-date verification while introducing friction for users,” said Steve Johansson, managing director, CyberSecurity Breakthrough. “Zumigo DeRiskify prioritizes both security and user convenience, and is the only e-commerce platform in the market that allows a merchant to accurately assess the risk of transactions while offering a more secure way of onboarding and authenticating a customer."

The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of information security categories, including Cloud Security, Threat Intelligence, Risk Management, Fraud Prevention, Mobile Security, Application Security, Identity Management and many more. This year’s program attracted thousands of nominations from over 20 different countries throughout the world.

This is the second year Zumigo DeRiskify has won a CyberSecurity Breakthrough award. Last year, Zumigo DeRiskify won the e-Commerce Solution of the Year award.

About CyberSecurity Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit CyberSecurityBreakthrough.com.

Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.

About Zumigo

Zumigo is on the frontline of digital identity verification and authentication that helps the world’s largest enterprises protect transactions, devices and accounts. With a multi-layer approach, Zumigo validates consumers against a unique digital identity intelligence network that spans global carrier providers, third-party data analytics and databases, and payment information. Zumigo supports over 800 mobile operators, verifying over 4 billion mobile numbers globally with services reaching over 180 countries. Zumigo is led by a team of industry veterans and is backed by some of the leading venture capitalists, including Aligned Partners, Wells Fargo Ventures, Intel Capital, and Capital One Growth Ventures. Learn more at www.zumigo.com.

Zumigo and Zumigo DeRiskify are registered trademarks of Zumigo, Inc.