February 22, 2019
February 20, 2019
Posted July 27, 2017
It is the dichotomy that all digital businesses face — trying to keep the bad guys out while letting the good guys in.
To accomplish this goal, security and risk professionals are turning to risk-based authentication (RBA) as a key element of their fraud prevention strategies. Solutions based on digital identities perform RBA to protect against fraud, but also drive profitability. Let me explain.
Businesses need to trust that the individual on the other end of a transaction is who they claim to be, not a fraudster masquerading as a legitimate customer. Digital identities, built on established user locations, device profiles, known behaviors and more, provide digital businesses with more accurate trust information. Legitimate customers are accurately identified without intrusive authentication steps that impede their journey, helping you improve brand value by delivering the online experience customers demand.
As digital identity is dynamic in nature, it can be tailored to meet the specific risk requirements of a business, minimizing false positives and requiring less manual intervention from the fraud team.
Transactions that still require manual intervention can be processed more efficiently as the full context of the interaction is known, providing a clearer picture for fraud analysts. Tools, such as Case Management, allow fraud analysts to forensically analyze those transactions, and can be integrated across your organization.
With digital identities, false negatives are all but eliminated and fraud can be pinpointed, allowing for safe commerce — even in geographies known for high volumes of fraud, giving businesses the confidence to explore business growth across borders.
Culture of Innovation
With all we have done to advance digital identity at ThreatMetrix, it is a tremendous honor to be recognized as the sole Leader in The Forrester WaveTM: Risk-Based Authentication, Q3 2017. It is acknowledgment of the journey we have been on since 2005. Early in that journey, we discovered the power of our network.
The power of any network is based on its size and scale. This is not new to ThreatMetrix, but firmly rooted in the principles network theory. One of the things that makes our Digital Identity Network unique is that it grows daily. It analyzes millions of transactions in real time from more than 5,000 global businesses, and grows more powerful with each transaction.
Of the 3 billion global Internet users, our Digital Identity Network knows something about 1.5 billion of them. This global reach and scale is what makes the Network the only one of its kind.
This scale isn’t easy to build. We built ours over time with customers around the world. The sharing of data in the Network empowers businesses to make better, more accurate decisions, and it has fueled product innovation over time.
Businesses encounter new users and devices almost daily, causing some to be flagged as questionable. Yet, the Network has likely already seen this user or device, and knows whether it is trustworthy, giving all of our customers the confidence to accept or reject the transaction.
New threats are continuously emerging, and businesses struggle to keep pace. When we see a threat for the first time, so does the entire network. These threats are no longer hidden from our customers.
But, data alone can only go so far. It must be properly analyzed to provide real value. Our Dynamic Decision Platform uses Smart Analytics, Case Management and host of analytic tools to authenticate trusted users, detect fraudsters in real time and predict high-risk behavioral patterns with pinpoint accuracy.
And all of this takes place in the context of an enterprise environment. This isn’t merely a point solution. It is a platform that integrates fraud prevention and customer experience into the core of everything you do. It integrates the power of the Network into your enterprise authentication and security infrastructure.
Digital identity solutions help you eliminate fraud while enhancing the customer journey and protecting your brand.
In short, businesses gain revenue, insight and security. Fraudsters get blocked from gaining access. And your customers get one effortless experience in real time, without interruptions, unnecessary questions, step-ups or roadblocks.
Using digital identity solutions is just smart business. It is layered, holistic, and intelligent…everything you want your brand to be.
To learn more about how ThreatMetrix earned the sole leadership position in the risk-based authentication market, download the Forester WaveTM: Risk-Based Authentication, Q3 2017 here.