Payfone, a digital identity authentication company, and U.K. mobile network operator O2, have signed a partnership contract intended to protect mobile users against cyber hacks, account takeover attacks, SIM swap attacks, and other forms of digital fraud, according to a press release.

Payfone and O2 said they are launching the initiative to address the rapidly growing demand for mobile identity authentication services in the U.K. and Europe as more companies continue to realize the necessity of advanced multi-factor authentication solutions in the wake of increased incidences of digital fraud. The partnership leverages Payfone's Instant Authentication for Mobile solution, which is already being used by six of the top 10 banks in the U.S. enabling U.K. enterprises to be able to extend fast, secure and transparent authentication to their customers.

"We are honored to partner with O2 to introduce a safer and more seamless digital world for mobile users in the UK," Rodger Desai, Payfone CEO, said in a statement. "Payfone is already on track to authenticate 50,000,000 transactions per day in the U.S., and extending our capabilities into the U.K. is a major milestone for us as we continue our expansion into 35 worldwide markets."