Safety Detectives: Please share your company background, how you got started, and your mission.
Evina: In 2013, widespread fraud began to emerge in the mobile payments market operated by mobile operators, and in response, David Lotfi, at the time a CTO working at a technology company, developed a highly successful anti-fraud solution.
Five years later, David bought back full ownership of his anti-fraud solution, and with the help of his former employees, founded Evina: the most advanced cybersecurity solutions for mobile payments. Evina was founded with the belief that it was possible for MNOs, merchants, and payment gateways to achieve high levels of economic growth if fraud is blocked the right way.
Today, Evina’s anti-fraud solutions secure over +16 million transactions in more than 70 countries each day, decrease complaint rates, maximize the number of legitimate transactions, and increase revenues.
Evina’s mission is to support the new business opportunities created by the Internet and to enable mobile players to thrive instead of being hindered by fraud.
SD: What is the main service your company offers?
Evina: We provide MNOs and all players offering mobile payment solutions with a suite of anti-fraud solutions to secure mobile payments, from direct carrier billing to mobile money, and simultaneously increase their revenue.
Evina’s flagship product, DCBprotect, detects fraudulent attempts on mobile payments so that mobile players can maximize the number of legitimate transactions, and increase their revenue by channeling the power of carrier billing.
MobileMoneyProtect detects in real-time fraudulent money transfers, local and international, either when users are being defrauded or when the MNO is being defrauded (commission fraud).
All our products aim to show the true potential of secured mobile payments and allow businesses to reap the benefits of reduced fraud and maximized revenue growth.
SD: What is something unique that helps you stay ahead of your competition?
Evina: Our 15+ years in research and development, cybersecurity experts, and cutting-edge anti-fraud technology that detects 99.94% of fraud attempts with <100ms latency, enable us to provide the most advanced market solutions to mobile players. Evina is equipped with an ultrahigh definition 3D footprint that captures online fraudulent behavior with the most sophisticated fraud sensors, enabling us to distinguish a transaction initiated by a human from that initiated from a bot, resulting in a false-positive rate of 0.06% – equal to no other.
Our edge computing treats and stores data closest to the end-user, and our global honeypot network in more than 70 countries attracts fraudsters and reverse-engineers their mechanisms. Our machine learning is continuously fed with millions of transactions analyzed every day, and our Cyber Threat Intelligence analyses threats coming from all sources, including the dark web.
The uniqueness of our solutions is reflected in the results achieved by our customers, such as worldwide mobile operators that, with reduced fraud, have experienced a 5x increase in transaction volume and a 75% complaint rate decrease. Proving that reducing fraud can be synonymous with revenue increase.
SD: What do you think are the worst cyberthreats today?
Evina: The big threat that cyber businesses face today stems not only from fraudsters but also from an underestimation of mobile payment fraud. Fraudsters are stealing money from users and businesses as well as opportunities that could have allowed businesses to reach new levels of prosperity. For example, without fraud and with more trust, quick and easy one-click payments could become the most popular payment method.
In addition, we need to prepare today for what awaits tomorrow. As criminal organizations invest heavily in cybercrime, seeking the high scalability and low risk of online crime, fraud will gradually become more and more automated, powered by increasingly sophisticated bots that will simulate users’ voices or fingerprints.
These threats can be managed starting today with the right anti-fraud solutions that are designed to support business growth.