Raise Experiences Exponential Growth Using Context-Based Security and Advanced Fraud Prevention Capabilities by ThreatMetrix

Posted on March 12th, 2014 by Dan Rampe

ThreatMetrix Accelerates Transaction Approvals and Significantly Reduces Chargebacks for Giftcard Marketplace

San Jose, Calif. – March 12, 2014 – ThreatMetrix™, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announces its partnership with Raise, an online marketplace where consumers buy and sell discounted gift cards. ThreatMetrix provides Raise with an integrated account takeover and cybercrime prevention solution to protect its buyers and sellers. The two companies will co-present at the Merchant Risk Council’s 2014 eCommerce Payments & Risk Conference (MRC Conference), the largest professional development and networking event for ecommerce payments and fraud professionals in the Americas, held March 17-20 in Las Vegas.

Following its launch in February 2013, Raise experienced unsustainable losses due to fraud in its first two months and spent a considerable amount of time manually screening requests. As a result, customers incurred multiple security questions on their transactions, which sometimes took up to a week for approval, and Raise was forced to reimburse both the buyer and seller for fraudulent charges, doubling the loss for each transaction.

To increase cybersecurity and make the screening process more efficient, the company engaged ThreatMetrix for its expertise in comprehensive cybersecurity prevention. In less than a year, ThreatMetrix drastically minimized the company’s chargeback rates and expedited the approval process for account registrations and transactions.

“ThreatMetrix has enabled us to grow from a small startup to a national brand, and in 10 months we’ve almost quadrupled our profits,” said Eamon Murphy, director of operational risk and loss prevention, Raise. “Since implementing ThreatMetrix, we’ve had the opportunity to spend more time processing transactions and focusing on the customer experience and less time manually reviewing transactions to kick cybercriminals out the door.”

Raise utilizes several ThreatMetrix solutions to protect its buyers and sellers from cybercrime, including:

ThreatMetrix™ Persona ID Establishing a persona for each user, including email address, credit card usage, transaction history, device, IP address and geographical location, enables Raise to quickly identify fraudsters and evaluate any suspicious activity on an account. For example, if a user initiates a transaction from a country in Europe but their previous orders originated in the United States, Raise will be alerted to the red flag and can proceed accordingly.

• Customized Rules – ThreatMetrix enables companies to set their own threshold for indicating cybercrime risk based off the specific needs and nature of their business. By implementing custom rules in real-time, Raise can prevent chargebacks from the same identity and enlist added screening for repeat illicit visitors to its website.

Raise also leverages the power of the ThreatMetrix™ Global Trust Intelligence Network (The Network), the largest trusted identity network of shared intelligence, which processes more than 500 million monthly transactions and protects more than 160 million active user accounts, 2,500 customers and 10,000 websites. The depth of The Network enables Raise to identify more users and devices than ever before in order to determine the level of cybercrime risk for each transaction and login.

As Raise is a consumer-to-consumer marketplace where customers both buy and sell, it must be vigilant in detecting and preventing account takeover and payment fraud. Through customized rules and the powerful reach of The Network, Raise will continue to strengthen its policies and more effectively protect its customers from cybercrime.

“Effective cybersecurity strategies are essential for every company, but it was a key component for Raise to sustain and eventually grow its brand,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “Our solution’s flexibility and easy-to-use functionality enabled rapid implementation, and immediately Raise was able to prevent account takeover and collect extensive data to protect its buyers and sellers.”

To learn more about the collaboration between ThreatMetrix and Raise, visit ThreatMetrix at booth 1010 at the MRC Conference. Murphy and Faulkner are also co-presenting on “Using a Global Trust Intelligence Network to Stop Account Takeover, Payment Fraud and Identity Spoofing” during the conference, where they will provide an overview of the companies’ partnership and share the key strategies used to elevate cybercrime prevention at Raise. The presentation will take place at 8:30 a.m. on Thursday, March 20 in Starvine Room 1-2 at the Aria Resort and Casino.

About ThreatMetrix

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.

© 2014 ThreatMetrix. All rights reserved. ThreatMetrix, TrustDefender ID, TrustDefender Cloud, TrustDefender Mobile, TrustDefender Client, the TrustDefender Cybercrime Protection Platform, ThreatMetrix Labs, and the ThreatMetrix logo are trademarks or registered trademarks of ThreatMetrix in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

Media Contacts
Dan Rampe
ThreatMetrix
Tel: 408-200-5716
Email: drampe@threatmetrix.com

Beth Kempton
WalkerSands Communications
Tel: 312.241.11178
Email: beth.kempton@walkersands.com

 

What Do You Call One of the Planet’s Largest Identity Theft and Fraud Prevention Networks? Answer: ThreatMetrix.

Posted on January 29th, 2014 by Dan Rampe

Reed Blog

The year 2013 saw ThreatMetrix™ leading the industry in “Building Trust on the Internet” to slash fraud and foster faster, more secure and safer online transactions in every part of the world. (To learn more,  read my  latest ThreatMetrix blog post, “The New Model for Building Trust on the  Internet.”)

Twenty thirteen also saw new laws and regulations enacted for the protection of consumer privacy. Many of those rules favor privacy to the detriment of retail and other enterprises which face a virtual tsunami of cybercrime. And, cybercriminals are getting more sophisticated and better at their craft month by month.

“We work with many of the world’s most recognized and trusted brands, financial institutions, enterprises and government agencies,” said Reed Taussig, president and CEO, ThreatMetrix. “Today, we protect over 500 million transactions each month and over 160 million active online accounts. Every transaction is screened by ThreatMetrix to provide businesses with confidence and trust that they are servicing an authenticated and valuable customer and not a cybercriminal. The ThreatMetrix™ Global Trust Intelligence Network (The Network), which is completely passive and fully consumer anonymized, has proven to be the right solution to satisfy the competing agendas of consumer privacy and security.”

In its fight against cybercrime, ThreatMetrix has made advances in key areas,  passed many milestones and notched numerous achievements:

  • Company Evolution: In 2013, ThreatMetrix completed its evolution from an advanced device identification and malware detection company to a true platform provider. “Our unique combination of technologies, processes and data significantly broadens the scope of the ThreatMetrix solution in the online world,” said Taussig. “We enable a new kind of passive, context-based authentication that can establish credibility of each transaction based on fully anonymous device usage, purchase history and other factors to determine the level of authentication required to process the request without risk of compromising consumer identity.”
  • The Network: In 2013, ThreatMetrix expanded The Network – a repository of devices, anonymized identities, transactions and interactions – to include over 2,500 customers and 10,000 websites, enabling ThreatMetrix customers to query transactions in real-time to differentiate between legitimate customers and cybercriminals hiding behind spoofed or stolen identities.
  • The Rise of Mobile: Mobile traffic on The Network increased threefold and represented a third of all network traffic in 2013. ThreatMetrix projects mobile traffic to represent at least 50 percent of its network traffic in 2014.
  • Record Transaction Volumes: ThreatMetrix more than doubled the number of customer transactions it processed in 2013, reaching 4.4 billion transactions during 2013. Transaction volumes are anticipated to jump to more 20 billion transactions in 2014, underscoring ThreatMetrix’s rapid growth and corresponding systems performance and reliability.
  • Record Recurring Revenue: The company’s recurring customer revenue in 2013 was more than 120 percent total revenues in 2012, which is a testament to the success ThreatMetrix customers are experiencing with its products.
  • SaaS Recurring Revenue Model: ThreatMetrix financial performance has been outstanding, driven in large part by customer retention approaching 100 percent. With a predictable revenue stream, ThreatMetrix will have the ability to sustain investments in new products and services to better service existing customers as well as expansion into new markets.
  • New Customers: The company more than doubled its customer base in 2013, both directly and in conjunction with its extensive partner channel. The average new account value of these customers was up almost 100 percent over 2012.
  • New Products and Technologies: ThreatMetrix launched several breakthrough products and technologies in 2013. By combining the power of ThreatMetrix™ Persona ID, ThreatMetrix™ Trust Tags and the ThreatMetrix™ Global Policy Engine, the company now enables its customers to define, validate and compare industry standard best practices and techniques to passively identify and authenticate good customers while simultaneously stopping sophisticated international cybercriminals. ThreatMetrix Trust Tags are truly unique in the industry, enabling customers to anonymously interrogate and validate credentials and past behaviors in order to eliminate costly, intrusive step-up authentications while simultaneously preventing cybercrime.
  • International Growth: Asia Pacific business doubled year-over-year in 2013 and similar growth opportunities are projected in 2014.
  • New and Existing Markets: ThreatMetrix doubled its presence in the financial services market year-over-year while becoming the de facto fraud solution in the retail payments space. Meanwhile, ThreatMetrix entered the insurance and healthcare markets.
  • Operations: In response to triple digit growth in transaction volume during 2013, the company tripled the capacity of its data centers in California, Florida and the Netherlands.
  • Strategic Management Hires: John Lindner joined as vice president of sales, Americas and Dr. Stephen Topliss was named vice president of services and support.
  • ThreatMetrix 2013 Cybercrime Prevention Summit: Themed “Strength in Numbers” and keynoted by Brian Krebs, author of KrebsOnSecurity.com, the third annual sold out summit emphasized the importance of a collective approach to stopping sophisticated cybercriminals in their tracks, meaning that individuals and businesses today must work together to make cybersecurity a priority to stay ahead of today’s evolving cybercrime threats.
  • Awards: ThreatMetrix won a number of industry awards, including 2013 Best in Biz Award; Security Innovation Network (SINET) 16 Innovators list; 2013 American Business Award Gold Stevie in the category of the “Best New Product or Service of the Year – Software – Security Solution” and a Silver Steve for the “Most Innovative Tech Company of the Year”; 2013 TechNavio top 15 Cloud Security Company; 2013 Gold for “Most Innovative Company of the Year” in Best in Biz Awards 2013 International; 2013 AlwaysOn Global Top Private Companies List and 2013 Top 15 Most Important Startups of 2013 by Business Insider.

“ThreatMetrix exited 2013 leading the way towards building trust on the Internet by helping its customers identify and differentiate between authenticated good consumers and bad actors with its TrustDefender™ Cybercrime Protection Platform,” said Taussig. “By leveraging the power of The Network, now one of the largest fully anonymized fraud identification networks in the world, ThreatMetrix protects customer trust and eliminates fraud without compromising consumer privacy. Our record 2013 milestones position the company for continued growth throughout 2014.”

To learn more about “The New Model for Building Trust on the Internet,” read the latest ThreatMetrix blog post by Taussig.

ThreatMetrix secures Web transactions against account takeoverpayment fraudidentity spoofing, malware, and data breaches. The ThreatMetrix Global Trust Intelligence Network, which analyzes 500 million monthly transactions, provides context-based authentication and Web fraud prevention to help companies accelerate revenue, reduce costs and eliminate friction. ThreatMetrix protects more than 1,900 customers and 9,000 websites across a variety of industries, including financial servicesenterprisee-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 blog, Facebook, LinkedIn and Twitter pages.

ThreatMetrix Enters 2014 as One of the Largest Global Identity and Fraud Prevention Networks

Posted on January 29th, 2014 by Dan Rampe

Reed Press Release

ThreatMetrix Leads the Industry in “Building Trust on the Internet” to Reduce Fraud and Facilitate Fast and Frictionless Online Transactions

San Jose, CA – January 29, 2014 – ThreatMetrix™, the fastest growing provider of context-based authentication and advanced Web fraud prevention solutions, today announced a compilation of record 2013 milestones and its emergence as one of the largest fully anonymized global identity and fraud networks in the world.

In 2013, the rules governing global cybercrime protection changed. Global governments now assign more importance to individual consumer privacy than to the rapidly increasing financial losses online retailers, enterprises and financial institutions face at the hands of highly sophisticated global cybercriminals.

“We work with many of the world’s most recognized and trusted brands, financial institutions, enterprises and government agencies,” said Reed Taussig, president and CEO, ThreatMetrix. “Today, we protect over 500 million transactions each month and over 160 million active online accounts. Every transaction is screened by ThreatMetrix to provide businesses with confidence and trust that they are servicing an authenticated and valuable customer and not a cybercriminal. The ThreatMetrix™ Global Trust Intelligence Network (The Network), which is completely passive and fully consumer anonymized, has proven to be the right solution to satisfy the competing agendas of consumer privacy and security.”

During 2013, ThreatMetrix made several significant advances in key areas, including:

  • Company Evolution: In 2013, ThreatMetrix completed its evolution from an advanced device identification and malware detection company to a true platform provider. “Our unique combination of technologies, processes and data significantly broadens the scope of the ThreatMetrix solution in the online world,” said Taussig. “We enable a new kind of passive, context-based authentication that can establish credibility of each transaction based on fully anonymous device usage, purchase history and other factors to determine the level of authentication required to process the request without risk of compromising consumer identity.”
  • The Network: In 2013, ThreatMetrix expanded The Network – a repository of devices, anonymized identities, transactions and interactions – to include over 2,500 customers and 10,000 websites, enabling ThreatMetrix customers to query transactions in real-time to differentiate between legitimate customers and cybercriminals hiding behind spoofed or stolen identities.
  • The Rise of Mobile: Mobile traffic on The Network increased threefold and represented a third of all network traffic in 2013. ThreatMetrix projects mobile traffic to represent at least 50 percent of its network traffic in 2014.
  • Record Transaction Volume: ThreatMetrix more than doubled the number of customer transactions it processed in 2013, reaching 4.4 billion transactions during 2013. Transaction volume is anticipated to jump to more than 20 billion transactions in 2014, underscoring ThreatMetrix’s rapid growth and corresponding systems performance and reliability.
  • Record Recurring Revenue: The company’s recurring customer revenue in 2013 was more than 120 percent total revenues in 2012, which is a testament to the success ThreatMetrix customers are experiencing with its products.
  • SaaS Recurring Revenue Model: ThreatMetrix’s financial performance has been outstanding, driven in large part by customer retention approaching 100 percent. With a predictable revenue stream, ThreatMetrix will have the ability to sustain investments in new products and services to better service existing customers as well as expansion into new markets.
  • New Customers: The company more than doubled its customer base in 2013, both directly and in conjunction with its extensive partner channel. The average new account value of these customers was up almost 100 percent over 2012.
  • New Products and Technologies: ThreatMetrix launched several breakthrough products and technologies in 2013. By combining the power of ThreatMetrix™ Persona ID, ThreatMetrix™ Trust Tags and the ThreatMetrix™ Global Policy Engine, the company now enables its customers to define, validate and compare industry standard best practices and techniques to passively identify and authenticate good customers while simultaneously stopping sophisticated international cybercriminals. ThreatMetrix Trust Tags are truly unique in the industry, enabling customers to anonymously interrogate and validate credentials and past behaviors in order to eliminate costly, intrusive step-up authentications while simultaneously preventing cybercrime.
  • International Growth: Asia Pacific business doubled year-over-year in 2013 and similar growth opportunities are projected in 2014.
  • New and Existing Markets: ThreatMetrix doubled its presence in the financial services market year-over-year while becoming the defacto fraud solution in the retail payments space. Meanwhile, ThreatMetrix entered the insurance and healthcare markets.
  • Operations: In response to triple digit growth in transaction volume during 2013, the company tripled the capacity of its data centers in California, Florida and the Netherlands.
  • Strategic Management Hires: John Lindner joined as vice president of sales, Americas and Dr. Stephen Topliss was named vice president of services and support.
  • ThreatMetrix 2013 Cybercrime Prevention Summit: Themed “Strength in Numbers” and keynoted by Brian Krebs, author of KrebsOnSecurity.com, the third annual sold-out summit emphasized the importance of a collective approach to stopping sophisticated cybercriminals in their tracks, meaning that individuals and businesses must work together to make cybersecurity a priority to stay ahead of today’s evolving cybercrime threats.
  • Awards: ThreatMetrix won several industry awards, including 2013 Best in Biz Award; Security Innovation Network (SINET) 16 Innovators list; 2013 American Business Award Gold Stevie for the “Best New Product or Service of the Year – Software – Security Solution” and a Silver Stevie for the “Most Innovative Tech Company of the Year”; 2013 TechNavio Top 15 Cloud Security Company; 2013 Gold for “Most Innovative Company of the Year” in Best in Biz Awards 2013 International; 2013 AlwaysOn Global Top 250 Private Companies List and The 15 Most Important Security Startups of 2013 by Business Insider.

“ThreatMetrix exited 2013 leading the way towards building trust on the Internet by helping its customers identify and differentiate between authenticated good consumers and bad actors with its TrustDefender™ Cybercrime Protection Platform,” said Taussig. “By leveraging the power of The Network, now one of the largest fully anonymized fraud identification networks in the world, ThreatMetrix protects customer trust and eliminates fraud without compromising consumer privacy. Our record 2013 milestones position the company for continued growth throughout 2014.”

To learn more about “The New Model for Building Trust on the Internet,” read the latest ThreatMetrix blog post by Taussig.

About ThreatMetrix

ThreatMetrix secures Web transactions against account takeoverpayment fraudidentity spoofing, malware, and data breaches. The ThreatMetrix Global Trust Intelligence Network, which analyzes 500 million monthly transactions, provides context-based authentication and Web fraud prevention to help companies accelerate revenue, reduce costs and eliminate friction. ThreatMetrix protects ThreatMetrix protects more than 160 million active user accounts, 2,500 customers and 10,000 websites across a variety of industries, including financial servicesenterprisee-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.

© 2014 ThreatMetrix. All rights reserved. ThreatMetrix, TrustDefender ID, TrustDefender Cloud, TrustDefender Mobile, TrustDefender Client, the TrustDefender Cybercrime Protection Platform, ThreatMetrix Labs, and the ThreatMetrix logo are trademarks or registered trademarks of ThreatMetrix in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

Media Contacts

Dan Rampe
ThreatMetrix
Tel: 408-200-5716
Email: drampe@threatmetrix.com

Beth Kempton
WalkerSands Communications
Tel: 312.241.11178
Email: beth.kempton@walkersands.com