According to a Recent ThreatMetrix Survey, 25 Percent of E-Commerce Executives Indicate Mobile Attacks a Leading Business Threat
San Jose, CA – September 24, 2014 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced the results of a recent customer survey, which found that mobile attacks are a top concern for e-commerce executives. In the wake of recent mobile innovations, including the iPhone 6 release, ThreatMetrix urges businesses to evaluate and update their current mobile strategies.
“There has been a significant shift in consumer activity on mobile devices that is causing major security concerns among businesses across all industries,” said Alisdair Faulkner, chief products officer at ThreatMetrix. “Recent data from the ThreatMetrix® Global Trust Intelligence Network (The Network) shows top threats facing mobile apps and browsers include account creation, login and payment fraud. As mobile usage increases, specifically on enterprises’ mobile-based apps, businesses need to do everything in their power to protect customers from account takeover, fraudulent transaction and other related security risks.”
According to data from The Network, which is comprised of more than 210 million active user accounts, mobile represented one third of total traffic in 2013, and this number is projected to increase to 50 percent by the end of this year. In addition to the increase in mobile usage in general, consumer behavior on mobile is changing, as 86 percent of time on mobile devices is spent on mobile apps and only 14 percent on mobile Web browsers.
However, many businesses’ mobile apps are not secure enough to handle the increased usage. ThreatMetrix’s recent survey conducted with TechValidate indicates that 25 percent of executives using the ThreatMetrix TrustDefender™ Cybercrime Protection Platform believe mobile attacks are a leading threat they need to protect their business and customers against. Additional top threats include fraud losses, at 91 percent, and fraudulent account creation, at 49 percent.
“Fighting fake account creation is something we take seriously, always working on improving our strategies and trying new ideas,” said a chief technology officer at a medium-sized enterprise consumer products company. “ThreatMetrix has been most effective, and we see the impact directly in the metrics we monitor. The clearest gain was when we were able to launch ThreatMetrix directly in our mobile applications and saw the immediate drop off of fake account creation.”
In addition to increase mobile app usage, the recent release of the iPhone 6 and its new features should also be of concern to businesses, specifically in e-commerce and retail. The addition of near field communications (NFC) technology and Apple Pay will bring new security concerns via mobile for brick-and-mortar and online retailers alike.
“While the use of Apple Pay with NFC technology will cut down on opportunities to copy card data in-store, more data breaches are expected until the U.S. rolls out end-to-end encryption,” said Faulkner. “Additionally, the increase of secure in-store transactions will likely push even more fraud online, into the most vulnerable channel, where there is no card, person or physical device present.”
Using advanced fraud prevention and context-based authentication can help identify good users and protect customers without adding additional steps to the authentication process. The Network analyzes more than 850 million monthly transactions and combines device identification, threat assessments, identity and behavioral intelligence to accurately identify cybercriminals without creating friction for good users.
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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.
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