December 5, 2018
November 29, 2018
This large online marketplace enables consumers and businesses to buy and sell goods and services worldwide. It has a large number of live listings and also provides sellers with the platform, solutions, and support they need to grow and develop their businesses. Success of this magnitude is predicated on the ability to provide a frictionless online experience for both buyers and sellers across multiple channels, while ensuring fraud prevention.
With ThreatMetrix, the company could:
This is a very unique marketplace: identifying fraud within such a vast volume of listings while avoiding false positives is critical. The results we’re achieving with ThreatMetrix are extremely impressive.
—Head of Fraud
Because of its global scale and relatively simple sign-up procedures, this large online marketplace is a prime target for fraudsters. Experiencing the downstream effects of persistent data breaches, fraudsters capitalized on the company’s impressive market penetration to test stolen credential data.
The fraud then developed into account takeovers; 85 percent of which centered around fraudulent listing behavior that was extremely difficult to detect among such vast listing volumes. The platform was also seeing the emergence of high-risk and fraudulent buyers who didn’t intend to pay for their purchases, instead attempting to capitalize on the company’s policy of bidding/committing to buy before making payments.
The company’s previous fraud solution used cookie-based device identification to detect fraudulent behavior. However, cybercriminals quickly circumvented this by using multiple/new devices or wiping their browser history, rendering the solution virtually ineffective.
Thus, the company needed a robust, layered approach that could effectively distinguish between good and bad buyers in real time, without adding unnecessary friction for legitimate users.
Our previous solution did not have the complexity or scalability that we needed to tackle our growing fraud challenges. ThreatMetrix is giving us accurate risk-based intelligence so that we can accept more transactions and improve our customer experience.
—Head of Fraud
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 company 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.
The ThreatMetrix solution is the only signal that we are using to drive our policy to identify high-risk buyers. It is working at such a high level of accuracy that it is making a very compelling business case.
—Head of Fraud