October 16, 2018
October 9, 2018
Telecommunication providers use ThreatMetrix to understand the true digital identity of connecting users, helping detect fraudsters in real time and protecting against subscription fraud, account takeover and payment fraud.
Communication Service Providers (CSPs) can no longer rely on device identification alone to detect and block fraudsters – telcos are being forced to rethink the way they authenticate customers online.
Digital identity intelligence allows telcos to verify that customers are who they say they are, every time, increasing conversion rates and reducing false positives and manual reviews.
ThreatMetrix brings unparalleled intelligence to the entire customer journey, recognizing over 95% of users even the first time they hit a website. This helps to block and detect fraudulent behavior – all while providing a frictionless experience for genuine customers.
The proliferation of personal credentials exposed in breaches makes subscription fraud one of the top fraud methods impacting CSPs today. Fraudsters use stolen credentials to sign up for new accounts to profit from premium handsets, default on large bills or finance agreements and commit international or domestic revenue share fraud.
The ThreatMetrix solution helps telecommunication providers understand the true digital identity of its connecting users and enables operators to more accurately detect and block fraudulent behavior before getting stung with subscription fraud. Telcos are able to understand the trustworthiness of connecting users by analyzing such attributes as location, device and behavior anomalies. Whether it is the first time they’ve visited your site or later in the customer lifecycle, ThreatMetrix can evaluate the legitimacy of users opening accounts or applying for finance or credit in order to detect and block fraudulent behavior.
ThreatMetrix gives us the ability to paint an accurate picture of every user, capturing the unique attributes of how someone transacts online. This intelligence enabled us to significantly reduce fraud and achieve ROI within three months.
It is becoming easier than ever for cybercriminals to gain access to stolen account credentials and take over genuine customer accounts. What’s more, fraudsters are adept at targeting weak links, launching sophisticated social engineering and phishing scams in order to gain access to genuine customer accounts. Fraudsters then order expensive handsets, make calls and commit international or domestic revenue share fraud. The impact extends past just monetary loss, with damage to brand reputation and customer retention rates.
ThreatMetrix delivers multiple layers of defense against account takeover, enabling operators to detect suspicious behavior or compromised devices before accounts are infiltrated by fraudsters. Leveraging global shared intelligence and hundreds of dynamic data elements that cannot be stolen or faked, ThreatMetrix can help telcos to instantly recognize legitimate users while blocking fraudsters in near real time.
The telco industry is attracting a high volume of subscription-based fraud and account takeover attacks, as fraudsters attempt to order new handsets and rack up large bills that they don’t intend to pay.
High chargebacks, fraud losses and increased friction are just some of the ways payment fraud is impacting CSPs today. As fraudsters continue to monetize stolen credentials, CSPs must deploy effective fraud prevention methods, with ineffective fraud policies potentially impacting sales conversion rates, revenue, customer retention and operating costs related to manual reviews.
ThreatMetrix helps protect against payment fraud by using digital identity intelligence to instantly recognize legitimate customers, flagging suspicious transactions before payments are processed. Helping to reduce chargebacks, friction and ultimately fraud losses, ThreatMetrix evaluates the context behind every transaction to identify anomalous or high-risk behavior in near real time in a way that is invisible to users.
With ThreatMetrix, we can leverage historic data and use our own fraud data to immediately optimize and enhance our scoring. This means that our ability to identify and detect fraud only gets stronger and stronger with each transaction.
Amid increased customer expectations and competition from new providers, telcos are being forced to engage with today’s digital customer and prioritize a seamless, personalized user experience. Customers transact from different locations, time zones and devices – fraud prevention must be able to keep up without endangering customer loyalty. The rise of mobile technology has been a game changer when it comes to customer engagement, but it has also opened up new opportunities for fraudsters.
ThreatMetrix provides sophisticated risk-based decisioning that evaluates device, location, identity and threats. A mobile software development kit ensures app and device integrity.
This helps deliver a smooth and trusted digital experience. Low friction step-up authentication services can be used to assess higher risk transactions without adding unnecessary intrusion to the online experience.
With strong focus on customer retention and satisfaction scores, telcos are prioritizing automation, digitization, and a streamlined customer experience. This creates an opening for fraudsters to attack existing customer accounts.
CSPs are progressively delivering new money transfer services via mobile devices. This is particularly true in developing economies where large portions of the population function with mobile handsets, but without easy access to bank accounts.
Many companies including CSPs have stepped in – performing what have traditionally been retail financial services such as payments and fund transfers to friends and family. Protecting these services from account takeover and preventing the transaction flow from being surreptitiously manipulated by fraudsters is of paramount importance.
By verifying identities instantly, digital identity solutions provide a path to secure and profitable growth without compromise. ThreatMetrix enables CSPs to efficiently launch mobile and web apps into new and unfamiliar territory, with the confidence that they are delivering a trusted and secure experience.
ThreatMetrix has allowed us to more comfortably offer a free trial to new subscribers coming to our site.
— Garrett Goff, Director of Global Payments, Netflix