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ThreatMetrix: Leveraging Analytics for Fraud Prevention

CIO VendorReed Taussig, President & CEO
Cybercriminals take advantage of today’s network speed and agility to find security loopholes in an organization’s infrastructure— especially that of financial institutions operating in the capital market, given the nature of the information they deal with— and move quickly to exploit them, initiating attacks against organizations. ThreatMetrix—a digital identity company—assists businesses to fight back cybercriminals, by collecting information from a global shared intelligence repository comprising worldwide transaction details. “There is a substantial unmet need for digital authentication solutions and ThreatMetrix is poised to capture this global demand,” adds Reed Taussig, President and CEO, ThreatMetrix. The firm offers an integrated digital identity platform that monitors online transactions in real-time, allowing organizations to secure their business, as well as consumers against online cyberattacks, such as payment fraud, account take-over, and account duplications. Capital markets and investment service providers in particular, utilize ThreatMetrix to enable safe transactions for customers while blocking out cybercriminals armed with stolen identities and attack strategies.

The ThreatMetrix Digital Identity Network platform recognizes normal and abnormal usage patterns to distinguish between customers and cybercriminals by building personas based on device, identity, and behavior. Once deployed by the financial institution, the ThreatMetrix Digital Identity Network inspects each digital transaction across applications, devices, and locations in real-time to identify vulnerabilities and abnormal behavior patterns. On the other hand, the ThreatMetrix Online Fraud Prevention solution lets online lenders and payment processor’s trusted users to transact seamlessly without friction, allowing financial institutions to accurately pin-point suspicious behavior and fraudulent attempts before any costly damage is done to a customer and the brand.
The firm’s account takeover prevention solution detects botnets by observing user behavior and activities on the banking and brokerage company’s web page. It can also detect if any malware has infected a legitimate user’s device. Furthermore, it enables businesses to identify suspicious patterns of login requests from web and mobile channels. Offering enhanced security, the ThreatMetrix platform provides protection against account frauds by identifying the involvement or presence of botnets, location spoofing, and crime rings.

The firm stands out from competition through its ThreatMetrix Digital Identity Graph that maps the associations between users, their locations, account credentials, and behavior, developing a global framework of anonymous user identities. The graph leverages the potential of machine learning over numerous transactions, by collecting shared intelligence from transactions performed across various devices. It then analyzes and matches the transaction records with the digital identities that are collected to form the Digital Identity graph. The graph is then coupled with decision analytics that helps in comparing standardized user behavior, to enable transaction verification, allowing users to identify high-risk irregularities accurately and instantly.

Over the years, the firm has been assisting a variety of industries, including financial services, e-commerce, payments and lending, media, government, and insurance to protect data and thwart various security threats over the internet. With its unique ability in delivering threat prevention and digital identity authentication to various banks, such as Barclays and Group BCPE, the firm has achieved dominance in the Europe Middle East and Africa (EMEA) financial services markets. Furthermore, the company found improved demand among online wallet providers, as well as lenders with successful deployments and references, including Alfa Finance, Yandex.Money, Paysafe Group, Wirecard, and Bondora.

“Global financial institutions have embraced the ThreatMetrix Digital Identity Network and we are honored to now serve 17 of the world’s banks. ThreatMetrix will continue to achieve ambitious corporate milestones while serving an increasingly global and sophisticated customer community,” concludes Taussig.