The ThreatMetrix Alternative to Outdated Adaptive Authentication

Posted January 28, 2015

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Offering Financial Institutions Frictionless Authentication That Cuts MFA Costs and Improves Customer Experience

Many financial institutions use outdated MFA (multi-factor authentication) systems like RSA’s Adaptive Authentication. These require excessive step-up challenges before trusted customers can access their accounts. Frustrating? You bet.

33 percent failure rates

According to analysis from banking login data processed by the ThreatMetrix Global Trust Intelligence Network (The Network), excessive step-up authentication requirements had trusted customer step-up failure rates of more than 33 percent.

Frictionless customer logins lower operational costs and improve protection

ThreatMetrix enhancements to existing multi-factor authentication solutions for financial services institutions provide frictionless customer logins, lower operational costs and improve cybercrime detection.

Ken Jochims, ThreatMetrix director of product marketing

“Many financial institutions have trouble authenticating returning, trusted customers due to simple changes in a customer’s environment. Clearing cookies, changing browsers or using a VPN for web access at a coffee shop are everyday occurrences that can cause legacy security solutions from vendors like RSA or Actimize to request step-up authentication. ThreatMetrix’s frictionless authentication solution offers a proven alternative for financial institutions to improve customer satisfaction and increase revenue.”

Compare and contrast

In contrast to the design of many legacy MFA solutions, ThreatMetrix can easily support financial institution authentication requirements and provide trusted customers access without excessive step-up authentication. This is secure, accurate authentication, in real time without annoying customers and without false positives. And, it’s delivered through ThreatMetrix’s shared global intelligence network which provides real-time risk analysis based on billions of web and mobile transactions – something never envisioned by first-generation security solutions.

Can be deployed to enhance legacy security systems

ThreatMetrix has been deployed to enhance in-place security solutions from companies like RSA and Actimize to successfully minimize step-up challenges and improve the customer experience.

Case in point

One of ThreatMetrix’s large North American-based multinational bank customers successfully enhanced its RSA on-premise solution by adding intelligent customer authentication. The bank, which provides online and mobile account access to 1,000 branch offices, provides retail and commercial banking, wealth management and insurance services to more than 22 million customers. Therefore, a positive customer experience is critical.

The bank’s ThreatMetrix solution improved both step-up-related customer experience issues and reduced step-up operational expenses.

Jochims explains how the solution works

“ThreatMetrix can determine trusted customers logins in real time by analyzing devices and identities based on activity we’ve seen in The Network,” said Jochims. “We only require a step-up if very unusual behavior is detected, such as flagging a device that has been identified as suspicious from any of the 15,000 websites and mobile applications we protect or flagging an identity used across an excessive number of devices or locations over a short period of time. Solutions provided by companies like RSA and Actimize may have been acceptable a decade ago, when there was less online activity, mobile devices didn’t exist and consumers weren’t routinely using smart devices in place of computers. Now financial institutions need to look at the bigger picture, using contextual factors derived from a global intelligence network to quickly identify trusted users from cybercriminals.”

Protects against account takeover, payment fraud, and much more

ThreatMetrix authenticates customer access to browser and mobile-based banking applications using real-time identity and access analytics that leverage the world’s largest shared global trust intelligence network. The solution protects financial web and mobile applications against account takeover, payment fraud, and fraudulent account registrations as a result of stolen credentials obtained from malware, social engineering, phishing and data breaches.

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