"Financial transaction security and fraud prevention are critical components in propelling fintech forward and we are proud to name Vesta ‘Best Financial Transaction Security Company’ of 2021.”
LOS ANGELES (PRWEB) March 16, 2021
FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that Vesta, a global leader in digital fraud prevention and approval enhancement solutions, has been selected as winner of the “Best Financial Transaction Security Company” award in the fifth annual FinTech Breakthrough Awards program.
Vesta provides an end-to-end solution using machine learning to detect and avert online fraud, including account takeovers. The company’s Account Protect solution addresses account takeover threats by protecting the entire account lifecycle - from activation to continuous activity monitoring. Account Protect includes fully automated and highly configurable digital onboarding; a pre-verified identity service that uses native biometric verification; live in-session monitoring of account activity; and built-in email, phone and device screening.
In addition to Account Protect, the company’s Payment Protect solution provides highly accurate risk scoring that merchants can use to inform the approval of new transactions - all based on proprietary machine learning models trained on 2 trillion data points. Its Payment Guarantee solution uses machine learning so sophisticated that Vesta approves 95% of transactions and offers customers zero fraud liability. Vesta’s technology is developed and trained by a team of experts handling every element of fraud detection, including manual reviews and chargeback representation, for complete transaction protection. Vesta’s solutions all add up to help customers increase revenue by maximizing approvals of legitimate sales.
“Vesta’s comprehensive approach stops account takeovers and other forms of online fraud before they can happen, helping businesses not only eliminate fraud and avoid chargebacks but also protect their brands and ultimately grow their revenue by improving the customer experience and strengthening their trust,” said Ron Hynes, CEO of Vesta. “For FinTech Breakthrough to recognize what we’re doing is an honor and an incentive to keep up our record of innovation as we continue to grow our business.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2021 FinTech Breakthrough Award program attracted more than 3,850 nominations from across the globe.
“Merchants are struggling to find the right balance between adequately verifying the legitimacy of transactional payments and a frictionless experience for the end user,” said James Johnson, Managing Director, FinTech Breakthrough. “Vesta is a pioneering innovator addressing this issue, delivering fully guaranteed payment technologies and integrating online behavior information with authentication and fraud-prevention measures. Financial transaction security and fraud prevention are critical components in propelling fintech forward and we are proud to name Vesta ‘Best Financial Transaction Security Company’ of 2021.”
Account Protect also addresses the onboarding of new customers with photo ID document verification and tokenized identity bound to mobile device biometrics and a cryptographic key embedded on the verified user’s mobile device. Additionally, Vesta provides live in-session monitoring of login activity and transactions while using machine learning to identify whether activities such as password reset requests or email address changes are likely to be fraudulent.
To learn more about Vesta’s industry-leading fraud elimination capabilities please visit https://www.trustvesta.com.
Vesta is a fraud prevention platform for online purchases, trusted by leading brands in telco, e-commerce, travel, banking, and financial services. Using machine learning underpinned by 25 years of transactional data, Vesta increases approvals of legitimate sales for its customers, while eliminating chargebacks and other forms of digital fraud. Vesta drives the true cost of fraud to zero by assuming 100% of the cost of fraud for any transaction it approves, so customers can scale confidently and grow their revenue without risk. The company is headquartered in Portland, OR, with additional offices in Atlanta, GA, Ireland, Mexico, and Singapore. For more information visit https://trustvesta.com.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.