New Account Fraud and Account Theft

Banks are prime targets for fraudsters because unlike other businesses, banks offer fraudsters direct access to their “merchandise” of preference - cash. Whether it’s new account registration fraud using stolen identities or existing account takeover fraud using phishing, fraud attacks are increasing in frequency, sophistication, and scalability. With the stakes being so high, professional fraudsters have replaced the hacker next door and have outfitted criminal organizations with servers, computers, and technology equipment that rival those of legitimate companies. Professional fraudsters use sophisticated technology to look for vulnerabilities. Attacks can originate from afar via hidden IP proxies and latch on to unsuspecting hosts, which means that the computer in the office next to yours – or even worse, your computer – could be compromised without you even knowing it. These complicated fraud schemes aren’t just costly, they’re embarrassing and they tarnish reputations and corporate brands. Do you have the right tools to combat this new level of fraud?

ThreatMetrix helps you meet today’s fraud challenges and those of tomorrow

Combating this new level of fraud means deploying cutting edge adaptive device identification, sophisticated anomaly detection, and a comprehensive transaction network.

1) Adaptive Device Identification – Generates device identifiers (or device fingerprints) based on real-time attribute data. The device identifiers are uniquely assigned to every computer that transacts on your website and allows for easy transaction monitoring and fraud prevention. Threatmetrix has a highly subversion resistant solution that works even when cookies, javascript, or flash are disabled.

2) Anomaly Detection– Captures real-time data and performs first-pass anomaly detection based on measured attributes such as operating system and IP address to name a few. In the case of IP address proxy servers, the captured data would help you detect the real IP address and geographic location of customers – even if they try to hide behind a proxy.

3) Reputation Network - Open transaction intelligence network that provides first time protection based on a global database with millions of known high risk events. Events are submitted from a vast array of sources that are constantly validated for accuracy. Source examples include, but are not limited to, web servers, firewall/system logs, and honey pots. Collection and data analysis happen in real time with nodes being scored to indicate risk level. The Threatmetrix database contains over 10 million known malicious hosts and tracks activity and modifies reputation based on new information every 15 minutes.

Let ThreatMetrix take care of your fraud problems while you get back to the business of running your business.