Scamnetic has launched IDeveryone Payment Protection, a patented technology designed to identity-proof payment recipients in real time across all transaction types. This solution addresses the escalating global payment fraud crisis, estimated at over $400 billion in losses, by verifying the actual individual or entity receiving funds, not just the account name.
Scamnetic launches IDeveryone Payment Protection, a patented identity-proofing solution.
It verifies payment recipients in real time across all payment types, including digital, crypto, and wires.
The technology focuses on the actual recipient, not just the account name ("Confirmation of Payee").
It aims to combat surging fraud, with global losses estimated at $442 billion.
Verification is delivered via secure email or text; recipients do not need to be Scamnetic customers.
Every transaction using the service can be insured, reducing institutional liability.
The launch responds to a severe and growing fraud problem. Global scam losses reached an estimated $442 billion in a recent 12-month period, with 79% of U.S. organizations experiencing payment fraud attacks. As deepfake and sophisticated fraud schemes increase by over 100% annually, traditional verification methods are insufficient. IDeveryone provides a deeper layer of security by confirming the identity of the person or entity receiving the money.
Unlike standard "Confirmation of Payee" systems that only match an account name, Scamnetic's technology uses a blend of proprietary and bank-grade verification tools to identity-proof the actual recipient. Verification is sent via secure email or text, requiring no prior enrollment from the recipient and ensuring privacy—no information is shared beyond the recipient's name. This process gives both parties transparent, real-time confidence in the transaction's legitimacy.
IDeveryone enables financial institutions, fintechs, and payment providers to implement proactive protection that reduces fraud losses and operational costs. The solution also offers the option to insure every transaction, adding a further layer of trust and liability reduction. By providing a clear verification tool, it addresses the common but often unfulfilled instruction to "verify before sending payment," helping to secure transactions against investment scams, business email compromise, and impersonation schemes that cause billions in losses annually.
This positioning makes IDeveryone a comprehensive defense mechanism in the payment ecosystem, aiming to restore trust and security in digital financial interactions on a global scale.
About Scamnetic
Scamnetic is dedicated to protecting individuals and businesses from digital threats using advanced AI technology. Its mission is to make digital interactions safe and secure, providing peace of mind in an increasingly complex digital world. Scamnetic investors include Roo Capital, 1st and Main Growth Partners, SaaS Ventures, Riptide Ventures, Ruxton Ventures, Ori Eisen, Ken Levine and other angel investors.
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