Versafe doesn't trust consumers to take the necessary precautions to protect their devices. So the company built a fraud protection layer within its banking application to take matters out of users' hands.

"As far as transactions go, since we're at the application layer, we're also able to ensure the fraudulent transactions are detected and mitigatedÂ…while in parallel also encrypting the data, so that a 'real' transaction can't be modified, re-rerouted, or otherwise fraudulently executed," says Jens Hinrichsen, vice president of marketing and business development during FinovateFall in New York on Sept. 10.

Consumers are sometimes unaware of malware infections or other attacks, so Versafe's software detects these threats and alerts the financial institution. Even with malware present, the bank may still allow a transaction because Versafe encrypts all consumer and bank data. 

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