Jun 11Gartner Magic Quadrant Evaluation of Online Fraud Detection Puts ThreatMetrix in “Visionary” Class
Based on ThreatMetrix’s “completeness of vision and ability to execute,” Gartner, Inc., which says it does “not endorse any vendor, product or service,” placed ThreatMetrix™ in the “Visionaries” quadrant of its Magic Quadrant for Web Fraud Detection.
Gartner describes visionary companies as offering “products that are very easy to implement and use, and have achieved very good results in reducing online fraud using SaaS-based models. Most of the vendors in this category serve multiple use cases across sectors. They each have a very good understanding of their markets and the problems they are trying to solve, along with solid strategies that have them set for healthy growth.”
Observing “The Web fraud detection market grew about 25 percent in 2011 as unrelenting cyberattacks and data breaches persisted,” Avivah Litan, vice president and distinguished analyst, Gartner said, “Smaller vendors drove innovation, and their products were often added on top of existing WFD software from larger vendors to improve overall fraud prevention.”
“We believe ThreatMetrix’s position in the ‘Visionaries’ quadrant this year is evidence of our company’s expertise in web fraud detection,” said Reed Taussig, president and CEO, ThreatMetrix. “With the acquisition of TrustDefender, ThreatMetrix recognizes that the current risk environment has changed, calling for an integrated device identification and malware protection solution.”
In the next five years, Gartner expects two macroforces will drive enterprise interest in using WFD technologies for their internal systems, which should further expand the WFD market. These macroforces include: the bring your own device (BYOD) to work phenomenon and cloud computing, where systems are hosted externally.
“Macroforces like BYOD and cloud computing have the potential to wreak havoc on enterprises, because they reduce internal control over company information and accounts,” said Taussig. “ThreatMetrix offers a single, integrated fraud detection and malware protection platform backed by a global network of shared intelligence, which can help companies reduce the risks of such macroforces.”
ThreatMetrix is proving itself to provide the best bulwark against breaches with a range of solutions for foiling cybercriminals and hackers of all varieties and types.