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IPification

Seamless mobile authentication

Market: Internet and IT, Telecommunications, Services
Stage of the project: Operating business

Date of last change: 12.07.2020
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Idea

Verifying phone number, SIM card and Device via user's IP address assigned by their mobile network providers. IPification boosts mobile UX, protects user's privacy and enhances the security by stopping some of the growing fraudulent activities in Fintech/OTT/eCommerce space such us SIM Swaps, Device fingerprint etc.

Current Status

IPification has been adopted by 19 mobile network operators worldwide. In the past year, IPification has soft-launched in 5 countries. Moreover, anther 50+ operators are in the testing phase.

Meanwhile, dozen of service providers fr om across different industries namely fintech, insurtech, OTTs, e-commerce, logistics and gaming, are in the free trial phase (will switch to paid models in Q3 2020). They are integrating IPification as their primary or additional mobile authentication layer to boost the user experience and to enhance security.

Some of the publicly available information confirming these the above-mentioned statements can be retrieved in the press release section of our website: https://www.ipification.com/press-releases/. Microsoft is currently one of the biggest partner that recently finalized integration.

Up to date for example only in Macau wh ere launched some of the first trials, there's already over 100,000 authentications processed by IPification's platform.

Market

Solution is global and as such can be integrated and rolled out with any Operators, in every country that is willing to adopt this technology
According to the most recent research, Mobile Identity/Authentication space expects to reach a total addressable market valued at $34 billion annually by 2022.

Our main customer segments are Fintech, OTTs, eCommerce, Banking, Ride hailing companies, Gaming etc.

Problem or Opportunity

Mobile users are facing many authentication difficulties today, mostly related to security vulnerabilities (plain/insecure protocols - SS7 breaches, HTTP sniffing), privacy leaking (unauthorised sharing of sensitive users data - MSISDN/HE) and bad user experience (inconvenient SMS OTP).

The existing mobile authentication solutions rely heavily on MSISDN. It is insufficient and opens a loophole for attackers and their fraudulent activities like SIM swapping/hijacking/stealing.

IPification is the mobile authentication solution developed specifically to solve those problems. It focuses on security, privacy protection and seamless user experience, and is created to offer the world a totally secure and convenient mobile authentication option.

Solution (product or service)

With IPification, online service providers ranging from banking apps, streaming apps, email service providers, social networks , online gaming platforms and so forth will have the capability to uplift their user experience through a hassle-free user flow, whilst enhancing the security of their service with our top-notch security protocol and standards.

Our bullet-proof security and privacy protection are created with a unique Mobile ID. IPification is using a proprietary technology to create an unique Mobile ID by hashing several key telecom network related information embedded on every SIM card such as MSISDN, IMSI and IMEI. These values can detect any sensitive changes related to the SIM card or device.

The Service URI is another crucial element of the Mobile ID. Combining with the above-mentioned values, it ensures the Mobile ID created will be unique on the service level. By doing so, it will be virtually impossible to track the user across digital touchpoints (most often for, but not limited to, marketing and advertising purposes). Therefore, users’ privacy can be completely safeguarded.

IPification can make the hassle-free user flow possible as users can be authenticated without performing any action. It can seamlessly authenticate the mobile users based on their Public IP address while the users are “on-net”. Though changes of Public IP (and port values) on the user’s side could be frequent, IPification is still always able to identify and resolve all those different IP addresses changes.

Competitors

There are no direct competitors providing the same technology currently. There are a few US-based companies like Payfone (just raised $100M) and Danal (recently acquired by BOKU), who are providing user’s phone verification via insecure Header Enrichment (HTTP). Consequently, these companies are becoming our partners and willing to use IPification as a back-end authentication for their Merchant/SP solutions.

Some indirect competitors might include providers of Biometric solutions but they are verifying user's factor in completely other segments (inherence factors and not the possession factors where IPification focuses)

Advantages or differentiators

IPification represents the first seamless authentication technology based on secure protocol. In terms of security, user experience and privacy IPification holds a huge advantage over the two most commonly used mobile authentication methods today by many companies (SMS One-time PIN and Header Enrichment). IPification is an OS and device agnostic solution. It represents a unique technology that can instantly resolve mobile ID based on the user's public IP address and port, without taking any data/parameters fr om the app or the device (as those data can be spoofed/tweaked by hackers and in general are considered unreliable).

The world is moving towards HTTPS, wh ere the existing, insecure methods for seamless authentication (Header Enrichment and plain HTTP protocol), will no longer work. Apple and Google have also set plans to ban any HTTP requests coming from Android and iOS apps. IPification is providing a proprietary technology to answer these challenges and ongoing trends and give a powerful tool to Telecoms to play the key role in the mobile authentication space, taking primacy over many other solutions joining the race – biometrics, social networks, AI etc.

As mentioned above, IPification is also using the unique method for creating Mobile ID based on several different network-based parameters and service URI. This specific hashed value, unique on a service level is enhancing current security capabilities and protecting users’ privacy.

Timing is also of the great essence in this segment and by being the first mover and already establishing cooperation with 20 operators, we set a good footprint and starting advantage over any competitors who will follow.

Finance

Exact price of the authentication depends on the country but it is roughly between 0.01$ to 0.07$ per authentication. 50-60% of the selling price is considered as Operator's revenue share (perceived of cost of goods sold on IPification side) - so we keen on average 40-50% gross margin.

With some operators we have defined the pricing for: daily, weekly and monthly user authentication to cover for specific use cases Customers asked.

Business model

First business model (default one): IPification signs the agreements with Merchants/Service providers coming from different industries who are PAYING the authentication service fee to IPification (Benefit Vantage Ltd.) to use this type of seamless and secure authentication method. IPification keeps its margin and payout the Operators share (55-65% of the Merchant/Service provider price) on the other side.

Second business is model is applied in the case when Operators sell IPification service directly to some local players with whom they already have relationship with (big banks or some big local retail chains etc.). In this case Operators are signing agreements directly with Merchants/Service providers, collect the revenues (service fee) and pay to IPification (BVL) a "transaction fee" as a maintenance fee for technology (GMID™ box) provided.

Note: technology and service are FREE OF CHARGE for Operators’ use for their internal services - self-care apps, entertainment apps, seamless subscribers onboarding etc.

Money will be spent on

Expanding the team globally and rolling out the technology/connectivity in every country. Part of the money will be used to finance some of the commitments that needs to be put in place to speed up operators deployments.

Offer for investor

In the process of negotiations, but we are open for up to 10% shares allocations depending on the investment size.

Team or Management

Risks

Speed of Telecom deployment and coverage - Operators in general as big organizations are moving slow and it takes time for rolling out technology. We found a way to speed the whole process as much as we can but there's still a list of over 800 mobile operators globally and in order to provide this service to the whole world we must work with all of them.

Currently we are focusing on getting top 100 operators (which covers 80% of users' population) in the PoC phase.

Won the competition and other awards

The award for the best design solution presented at Infofest 2019 is awarded to Crnogorski Telekom (part of Deutsche Telekom group in Europe) for the IPification project: secure user authentication

http://www.infofest.com/en/prizes-and-awards/

Invention/Patent

HK1248463 GRANTED
US 10,390,226 B1 GRANTED
GB 1803719.2 Pending

Photos

Photo 1 - Seamless mobile authentication

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video