Overview

TimesofMoney is an international digital payment service provider with over 16 years of expertise in digital payments and over 1 million customers worldwide. TimesofMoney offers more than 100 payment options to help institutions, merchants, and consumers manage multiple money transfer requirements.

To further enhance the customer experience, TimesofMoney also began offering comprehensive mobile money solutions, allowing users to send money and make payments from their mobile devices.

With ThreatMetrix, TimesofMoney can:

  • Incorporate dynamic digital identity intelligence to make better risk decisions about transactions in real time, across web and mobile platforms
  • Accelerate approvals to offer a slick and streamlined customer experience
  • Gain clearer insight into emerging threats and fraudulent behavior, including location spoofing, automated bot attacks, and account takeovers

“ThreatMetrix supports our vision to be a leading player in the global remittance market, competing more effectively with the competition by offering a better customer experience.”

Avijit Nanda, CEO, TimesofMoney, USA

Business Problem

TimesofMoney is constantly looking for ways to stay at the forefront of digital payments innovation and improve the online customer experience. This underpinned the vision to offer near real-time remittance services while minimizing risk from fraud and maintaining a streamlined online experience for trusted customers.

Although the existing fraud prevention system at TimesofMoney was able to recognize fraudsters using stolen/spoofed identities, it was somewhat cumbersome, leading to long transfer times, high manual reviews and customer friction.

TimesofMoney was looking for a secure and forward-thinking solution that could automate its fraud detection across all device platforms, incorporating real-time dynamic intelligence to accurately detect and block high-risk transactions and support real-time payments.

“For the benefit of our customers, we needed the transaction process to be more agile: ThreatMetrix supports this mission by providing dynamic intelligence to make decisions on a real-time basis.”

Avijit Nanda, CEO, TimesofMoney, USA

The Power of Global Shared Intelligence to Detect High-Risk Events in Real Time

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 TimesofMoney 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.

Key Features of the ThreatMetrix/Timesofmoney Partnership
  • ThreatMetrix Mobile is a lightweight software development kit (SDK) for Google Android and Apple iOS mobile devices, providing complete fraud protection for the mobile channel. This includes: application integrity evaluation, advanced persistent device identification, malware detection, location services, jailbreak and root detection technologies, anomaly and device spoofing detection and dynamic configuration and updates.
  • ThreatMetrix Smart ID identifies returning users that wipe cookies, use private browsing, and change other parameters to bypass device fingerprinting. This improves returning user detection and reduces false positives. Derived from the analysis of many browsers, plug-in, and TCP/IP connection attributes, Smart ID generates a confidence score that detects multiple fraudulent account registrations or log in attempts.
  • Deep connection analysis technologies give TimesofMoney a clearer view of suspicious events. Fraudsters often attempt to hide behind location and identity cloaking services such as hidden proxies, VPNs and the TOR browser. With Proxy piercing technology, ThreatMetrix examines TCP/IP packet header information to expose both the Proxy IP address and True IP address. These techniques help TimesofMoney gain detailed network level signals for more accurate decision making.

“ThreatMetrix is going to give us the ability to expand more quickly and comprehensively, particularly in new markets.”

Avijit Nanda, CEO, TimesofMoney, USA

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