The e-wallet Fraud Detection

Project Information

EFD

Grant agreement ID: 683626

DOI 10.3030/683626

Project closed

EC signature date 6 July 2015

Start date 1 August 2015

End date 31 July 2017

Funded under

• INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)

Total cost € 2 773 750,00

EU contribution € 1 941 625,00

Coordinated by

PAYGILANT LTD
Israel

Objective

"EFD (e-wallet Fraud Detection) aims to provide people with a tool that will dramatically improve credit card frauds and false identity thefts. To date the cost of credit card frauds and false identity thefts worldwide amount to billions of dollars annually. The objective of this project is to implement the e-wallet Fraud Detection (EFD) system and support Self Safe Ltd (SSafe) in becoming a leading provider of mobile fraud detection tools to the emerging market of mobile e-wallets. EFD system objective is to reduce fraudulent financial transactions, using anti-theft algorithms running on the user mobile device. The system works in an off line mode without the need for the device to be connected to the acquirer database. EFD system detects an unauthorised attempt to make a transaction and prevents it, if it detects a problem or suspicion. The EFD technology will defend e-wallets in transactions at the Point of Sale directly via NFC and also transactions done on the internet. Based on EFD's patented technology (US 61 815798 Self Authentication: “invention directed to the use of mobile devices in offline transactions, and, more particularly, to a system, method and device for self-authentication of transactions”), e-wallet users will have a ""financial transaction firewall"". EFD’s ultra-light fraud detection algorithms and models, offers on-the-spot intervention and prevention of fraudulent financial transaction using the smartphone. In case of fraud, EFD system may instruct the electronic wallet to block all credit cards until issuing a release process while sending relevant information to customer and credit card issuers. The technology enables to cover all credit cards that are approved for use by the smartphone wallet, achieving higher accuracy and fraud detection rates.
"

Fields of science

• natural sciences › computer and information sciences › internet
• natural sciences › computer and information sciences › databases
• natural sciences › computer and information sciences › computer security › network security
• engineering and technology › electrical engineering, electronic engineering, information engineering › information engineering › telecommunications › mobile phones

Programme(s)

• H2020-EU.2.1.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT) Main Programme
• H2020-EU.2.3.1. - Mainstreaming SME support, especially through a dedicated instrument

Topic(s)

• ICT-37-2015 - Open Disruptive Innovation Scheme (implemented through the SME instrument)

Call for proposal

H2020-SMEInst-2014-2015

See other projects for this call

Sub call

H2020-SMEINST-2-2015

Funding Scheme

SME-2 - SME instrument phase 2

Coordinator

PAYGILANT LTD

• Net EU contribution: € 1 941 625,00
• Address: 14 HABANIM ; 70300 BEHER YACOV ; Israel
• SME The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed. Yes:
  Activity type
  Private for-profit entities (excluding Higher or Secondary Education Establishments)
• Activity type: Private for-profit entities (excluding Higher or Secondary Education Establishments)
• Total cost: € 2 773 750,00