Vality Keyless Authentication software platform gives each PAN two identities, creating a pair of PANs we call PAN+. Creation of PAN+ is based on the application of new technologies. Vality’s software gives the PAN a fingerprint as an identity that cannot be compromised. The 2-dimensional PAN, or PAN+, cannot be derived as it is not an algorithm or an encryption, so it cannot be reverse engineered. In addition PAN+ can be used for loyalty and routing purposes even in its PAN+ form. Vality platform uses PAN+ in pairs – one for the merchant-issuer:PAN+ and the other for cardholder:PAN+. The PAN+ pair enables Vality platform to detect and prevent multiple types of payment fraud.
Many current CNP fraud detection solutions use big data analytics and probability theory to derive the expected value of possible outcomes and are right about 80% of the time leaving about $7 billion hole in CNP fraud alone in the US. Our technology can detect fraud differently and so provides a solution to combat this fraud gap and also complements existing fraud solutions.