Sontiq, a provider of intelligent identity security, today announced a patent-pending digital fraud protection system designed to work with a broad array of electronic payment platforms, including cryptocurrency.
The system uses proprietary systems, including fraud protection and monitoring services such as credit and Dark Web monitoring, to verify credentials associated with particular user accounts.
It can also include Sontiq’s Mobile Attack Control™ capabilities to verify if a mobile device involved in the receipt of the electronic payment has been compromised by a nefarious source.
Securing cheque payments
A real-world example of Sontiq’s patent-pending digital fraud protection system occurs around electronic cheque payments.
If during the transmission of an eCheck, Sontiq identifies that the recipient’s email is fraudulent or has been potentially compromised, its Digital Fraud Protection System would then alert the sender, before the payment is transmitted.
Sontiq’s Digital Fraud Protection System can also monitor fraud on devices connected to payment platforms.
In this case, Sontiq can potentially detect and alert the sender if a phone connected to the payment platform Terminal was jailbroken or compromised.
The payment-pending technology is “a fintech disruptor in the payments industry”
Brian J. Longe, President and CEO of Sontiq, said:
“Our patent-pending digital fraud protection system is a fintech disruptor in the payments industry, as it’s platform agnostic and focused on protecting consumers’ extended digital financial footprints.
“This latest innovation is an additional component of our cloud-based Intelligent Identity Security platform. We will continue to transform the identity theft protection industry with proprietary, world-class, innovative features focused on fraud protection and increased security and privacy of the identities we are responsible for.”
Sontiq was formed in 2019, when EZShield, a portfolio company of The Wicks Group and a provider of digital identity protection and resolution, acquired IdentityForce, a major identity theft protection provider for businesses and consumers.
“But our story goes back much farther than that,” Sontiq says, “incorporating more than 60 years of combined identity security experience and ground-breaking innovations.”