Mobile authentication company Payfone receives $10m equity investment from financial services fraud detection firm Early Warning.

Payfone, a US-based mobile authentication technology company which is already backed by American Express, Verizon and Rogers Communications, has accepted an equity investment and commercial agreement from Early Warning Services, a financial services-focused fraud detection company owned by Bank of America, BB&T, Capital One, JPMorgan Chase and Wells Fargo.

The equity investment is reported by Bloomberg to be $10m, bringing Payfone’s total funding to $40m and valuing the company at $500m.

Early Warning joins existing strategic investors including American Express,…