Nov 29 myYearbook Moves to the Head of the Fraud Prevention Class Using the ThreatMetrix Fraud Network
LOS ALTOS, CA. – November 30, 2010 – ThreatMetrix™, the fastest-growing provider of fraud prevention solutions that do not require personally identifiable information (PII), today announced that myYearbook, one of the 25 most-trafficked sites in the U.S., has selected ThreatMetrix to help control online fraud and abuse.
myYearbook, the best place to meet new people, has over 25 million users making friends through a variety of social games, all tied together by a single virtual currency called Lunch Money.
“Our goal is to eliminate fake and scripted registrations,” said Rich Friedman, vice president of software engineering, myYearbook. “Fraudsters create fake registrations for the purpose of spamming our members and then re-direct them to another site. We want to take a proactive approach by preventing spam at the point of registration to limit abuse and maintain the integrity of our brand.”
After a review of competitive offerings, myYearbook selected the ThreatMetrix Fraud Network to fight fraud in new account registrations. Fraudsters typically disguise their computer identity and hide their personal identity to commit fraud. Cybercriminals use compromised computers, proxies or botnets to spoof their true IP address or IP geolocation. Conventional identity verification solutions require customers to provide personal information such as a name and Social Security number when a person creates a new web account. The ThreatMetrix Fraud Network does not require personal information to prevent account origination fraud, relying instead on anonymous data. ThreatMetrix combines packet signature data from the visitor’s computer and Internet connection with the transaction details and anonymized credentials to distinguish a fraudster and a customer.
“We felt that ThreatMetrix’ browser-side fraud detection and rules-based approach was the strongest and most reliable of all the vendors we reviewed,” said Friedman. “The benefits are clear,” continued Friedman. “We’re catching and reducing registration spam which translates to a safer and richer user experience for our customers while further automating aspects of our registration.”
To read a ThreatMetrix blog on why cookies are dead in the fight against fraud visit: http://threatmetrix.com/fraudsandends/analyst/cookies-are-dead-in-the-fight-against-fraud-r-i-p/
To read more on the Fall 2010 release of the ThreatMetrix Fraud Network incorporating ThreatMetrix SmartID visit: http://threatmetrix.com/the-threatmetrix-fraud-network-fall-2010-release
myYearbook makes meeting new people fun and easy, both online and on mobile phones. myYearbook combines innovative social games, virtual goods and a robust virtual currency called “Lunch Money” to facilitate introductions and break the ice. According to comScore, myYearbook is one of the 25 most trafficked sites in the United States as measured by page view, minutes, and by minutes per visitor per month. myYearbook started in a single high school in 2005 and has grown to over 27 million members worldwide. For more information, visit www.myYearbook.com.
ThreatMetrix helps companies stop web fraud and enable e-commerce in real-time so they can significantly reduce online fraud, acquire more customers faster, reduce costs, and increase customer satisfaction. The ThreatMetrix Fraud Network helps online businesses verify new accounts, authorize payments and transactions and authenticate user logins in real-time without relying on personally identifiable information (PII). ThreatMetrix profiles the device used in an online transaction so companies can determine whether the users are fraudsters or customers. ThreatMetrix device profiling goes beyond browser fingerprinting to identify the device, bypass proxies and detect the use of botnets. ThreatMetrix’ simple and cost-effective software-as-a-service (SaaS) approach to implementation enables companies to get results in hours or days, rather than weeks or months. The company serves a rapidly growing customer base in the U.S. and around the world across a variety of industries including social networks (dating, gaming), financial services, e-commerce, affiliate marketing and payments. For more information, visit www.threatmetrix.com or call 1-650-625-1451.
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