February 20, 2018
February 16, 2018
February 15, 2018
With a global presence of 120 retail stores in 100 countries, coupled with an international e-commerce site, this international apparel retailer was a prime target for payment fraud.
By implementing the ThreatMetrix Dynamic Decision Platform, the company added a layer of intelligent customer authentication that accurately distinguishes between trusted customers and cybercriminals.
The benefits were immediate:
With ever more sophisticated techniques to avoid detection, cybercriminals were flooding the company’s website with fraudulent digital transactions, specifically buying virtual gift cards and small, high-value items with stolen credit cards.
The existing anti-fraud solution could not distinguish legitimate customers from cybercriminals and forced the company to review every virtual gift card order. Manual fraud reviews shot up to 17 percent of all online transactions, which placed a huge burden on the fraud team at a time of rapid growth in the company’s online transactions. The whole customer experience slowed considerably and legitimate customers suffered.
The company needed a more intelligent way to profile potential customers and understand which gift card transactions to manually check.
ThreatMetrix helps the company passively and transparently profile the transacting user’s device, connection and location. ThreatMetrix also anonymously correlates user behavior data with intelligence across tens of thousands of websites and mobile applications that make up the ThreatMetrix Digital Identity Network. This intelligence provided by the Digital Identity Network allows the company to make accurate decisions about which transactions to manually check based on the history of trust associated with each digital identity.
ThreatMetrix introduced the following key capabilities: