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