February 20, 2018
February 16, 2018
February 15, 2018
ThreatMetrix Helps Detect and Block Use of Stolen Identity Credentials in Real Time
This digital currency exchange allows users to buy and sell a variety of different cryptocurrencies and has a strong global footprint with over 10 million customers and over $50 billion exchanged in digital currency. The platform services both merchants and consumers who want to transact with digital currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
The ThreatMetrix Professional Services team collectively has over 150 years of fraud and security experience, guiding and supporting customers to achieve fraud rates that are one-third of the industry average. Their leadership in state-of-the-art identity initiatives with Internet Top 500 customers helps facilitate more business online and saves hundreds of millions of dollars each year by securing accounts and payments against the most sophisticated threats.
Using intelligence from the Digital Identity Network, the exchange could better differentiate between good customers and criminals, the moment they landed on the site. In addition, it could:
By partnering with ThreatMetrix we have reduced fraudulent activity on the platform at account registration through to account compromises.
Although cryptocurrencies have revolutionized the face of payments, investments and banking, they operate in a landscape of heightened risk, bringing together several features that cybercriminals value most. Cryptocurrencies present a huge opportunity for fraudsters to launder money and finance global cybercrime, providing anonymity, security and operating outside the jurisdictions of countries, governments and banks.
This marketplace was experiencing a number of fraudulent new account creations, which could potentially be mule accounts that could be used to launder money, as well as fraudulent payments, as cybercriminals attempted to hack in to good user accounts and then transfer cryptocurrency balances out. Furthermore, reports last month indicate a surge in transactions from OFAC listed countries as fraudsters attempt to benefit from the upward trajectory of cryptocurrency.
The best way to tackle complex, global cybercrime is using the power of a global shared network. The ThreatMetrix Digital Identity Network collects and processes global shared intelligence from millions of daily consumer interactions including logins, payments, and new account applications. Using this information, ThreatMetrix creates a unique digital identity for each user by analyzing the myriad connections between devices, locations, and anonymized personal information. Behavior that deviates from this trusted digital identity can be accurately identified in real time, alerting the exchange to potential fraud. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, creating a frictionless experience for trusted users.
Attempts to compromise digital wallets are increasing every day. With ThreatMetrix we can accurately identify anomalies in payments transactions that indicates an account at risk of a takeover.