According to a press statement from the two, mobile payments have grown in popularity in the past year, and have become a lucrative target to cybercriminals. Today, a stolen account is worth six times more than a stolen credit card in the black market. CashShield analyses behavioral data, including cursor movements, swiping patterns and pressure points, to determine the risk of fraud. Together, CashShield and OVO will prevent OVO user accounts from hostile takeovers by cybercriminals and OVO merchants from receiving unauthorised payments from fraudsters.
"We built CashShield to be a pioneer in the fraud detection and prevention space, that could serve the users of large, rapidly growing companies," said CashShield CEO Justin Lie. "We are excited to partner with OVO, a business that shares not only our drive for innovation but also our commitment to data security. We are confident that our technology, which provides the instant, scalable, automated solution that OVO needs to protect its customers, will help strengthen the formidable security measures OVO already has in place."
"CashShield has been a great complement to our cybersecurity measures," said Harianto Gunawan, OVO director of enterprise payment. "Protecting OVO's expansive network of users is a top priority so we take data security and user privacy very seriously. We are greatly excited to onboard CashShield as a fraud prevention partner that could keep pace with our rapid growth, while ensuring that the platform is safe and secure."
CashShield was founded in 2008 and over the past decade has reduced fraud rates to one tenth of the industry's average. Combining A.I. and Wall Street trading tools, CashShield eliminates the need for any human involvement to detect and prevent online fraud, effectively ousting the risk of human error. CashShield also recently raised US$25 million to help companies fight customer account and payment fraud.
OVO, in the meantime, has attained the position of Indonesia's leading payments platform by being ubiquitous across Indonesia's economy, whether in retail shops and warungs, or for on-demand and online services. The OVO app has a network of millions of top-up points through Mandiri ATMs, Alfamart convenience stores and Grab drivers across the country. Currently, OVO has the highest Total Payments Volume of all the e-wallets in Indonesia. CashShield's software seamlessly integrates and will provide no change in user experience for OVO's users.