Sandpiper: An Eagle When It Comes to Fighting Cybercrime

Posted on February 27th, 2015 by Dan Rampe

Europol

EC3 Supports 18-Month EU-Funded “Project Sandpiper” to Stop Payment Card Fraud in Its Tracks

The latest statistics published by the European Central Bank reveal that card-not-present (CNP) fraud is on the rise accounting for 60% of all fraud losses on cards issued in the European Union. To address the problem, Europol’s European Cybercrime Centre (EC3) has launched several investigations.

Project Sandpiper

Initiated by UK authorities and supported by Europol’s European Cybercrime Centre (EC3), Project Sandpiper took out after the bad guys. The score after eighteen months: 59 arrests; 32 prosecutions; 17 convictions; 52,812 compromised card numbers recovered; £23 million ($35 million) estimated savings to the banking industry; and the disruption of 5 organized crime groups misusing electronic payments mainly in overseas destinations.

Troels Oerting, head of EC3

An article on eurasiareview.com (link to article) quotes the head of the European Cybercrime Centre, Troels Oerting, who said, “The criminal networks involved in this sophisticated electronic payment crime have been taken down as a result of many months of hard work by police officers and prosecutors in the European Union. Through the international cooperation of law enforcement authorities, the European Commission and Europol, as well as cooperation with the financial industry, European customers’ payment transactions are safer. We continue our fight against this crime. The criminals continue to develop new methods for stealing our identities, money and ideas online, and we have to continue and further develop operations like Sandpiper and Skynet. [Skynet is the codename of a new EU-funded project. Just launched, it focuses on international cooperation to combat online CNP fraud. Six EU Member States are involved.]”

A joint EU effort

According to the eurasiareview.com story, Europol’s information and analysis systems are used to exchange and cross-check the intelligence received from member states.

ThreatMetrix builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.

ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix® Global Trust Intelligence Network, which analyzes over 850 million monthly transactions and protects more than 210 million active user accounts across 3,000 customers and 15,000 websites.

The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.

For more information, visit www.threatmetrix.com or call 1-408-200-5755.

Join the cybersecurity conversation by visiting the ThreatMetrix blogFacebookLinkedIn and Twitter pages.

 

 

 

 

ThreatMetrix Included in eCommerce Fraud Management Solutions Report by Leading Independent Research Firm

Posted on February 26th, 2014 by Dan Rampe

Online Fraud

The Forrester report — “Market Overview: eCommerce Fraud Management Solutions, 2014″ — notes that in 2013, the online retail market reached $262 billion, an increase of 13% over the previous year with losses estimated at a staggering $3.5 billion in North America alone.

Co-authored by Forrester analysts Peter Sheldon, Andras Cser and Lily Varon with Zia Daniell Widger and Rebecca Katz, the independent research firm’s report highlights the need for more sophisticated, targeted, and efficient fraud solutions. “Traditionally, eCommerce fraud management has focused on catching illicit activity such as fraudsters attempting to purchase items online with stolen credit card information. But as eCommerce becomes bigger and more global and as digital devices and card-not-present (CNP) transactions become more commonplace, preventing and fighting online fraud is becoming simultaneously more important and more complicated. eCommerce fraud management solutions must perform a difficult balancing act — they must improve detection rates while not preventing legitimate transactions.1

“We’re exceptionally pleased to be included as one of the vendors in this report,” said Bert Rankin, chief marketing officer, ThreatMetrix. “We believe this recognition is underscored by the fact that ThreatMetrix is the largest global identity and fraud prevention network protecting many of the world’s most trusted eCommerce brands – including four of the top 10 online retailers – against transaction fraud, identity theft and spoofing, Trojans, phishing and man-in-the-browser (MitB) attacks. And we do this while providing their customers with a frictionless checkout experience.”

According to Rankin, all this is made possible through ThreatMetrix’s anonymized global trusted identity network, the ThreatMetrix™ Global Trust Intelligence Network (The Network), that is used to differentiate between authentic and suspicious transactions and online activity. The Network is the largest trusted identity network of shared intelligence, protecting and analyzing more than 500 million monthly transactions, 160 million active user accounts, 2,500 customers and 10,000 websites.

To learn more about ThreatMetrix’s context-based authentication and advanced fraud solutions, stop by Booth 232 in the South Expo Hall at RSA Conference 2014, February 24 – 28, in San Francisco. To view or purchase the Forrester report, click here.

ThreatMetrix builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.

ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix™ Global Trust Intelligence Network, which analyzes over 500 million monthly transactions and protects more than 160 million active user accounts across 2,500 customers and 10,000 websites.

The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.

For more information, visit www.threatmetrix.com or call 1-408-200-5755.

Join the cybersecurity conversation by visiting the ThreatMetrix blogFacebookLinkedIn and Twitter pages.

1. Market Overview: eCommerce Fraud Management Solutions, 2014, Forrester Research, Inc., February 4, 2014