Key Benefits

  • Drive legitimate customer adoption
  • Reduce fraud without compromising user experience
  • Prevent use of stolen credentials to create new identities and accounts
  • Detect compromised accounts across multiple channels, by understanding customer login attempts from suspicious devices and locations

Cryptocurrencies were born out of a distrust of traditional markets and a desire to establish a new system, free from brokers or bankers.

The value of cryptocurrencies has risen astronomically since its inception in the early 2000s, with this so does the interest from cybercriminals. As a result of this growth, the market has become a target for cybercriminals trying to infiltrate cryptocurrency exchanges and compromise digital wallets.

Cybercriminals follow the money and right now they see huge potential in the unregulated and largely unsecure world of cryptocurrency. Unlike at currency, with cryptocurrency there is no traditional financial institution that will provide a layer of protection, and no Federal Deposit Insurance Corporation -style insurance. If someone has their wallet compromised, or an exchange gets hacked there are often limited ways to recover the stolen digital currency.

Cybercriminals are therefore constantly attempting to deceive businesses, ranging from trusting the authenticity of stolen identity credentials, account takeover attempts purporting to be from a legitimate user, or fraudulent new account applications appearing wholly convincing. Accurately authenticating trusted users, detecting fraudsters in real time and predicting high-risk behavioral patterns with pinpoint accuracy is critical to supporting the ongoing development of the global digital economy.

Business Problem

Millions of new investors have entered the realm of cryptocurrencies but many are unaware of the security holes and risks, making them easy prey for hackers and cybercriminals. Hacks, malware, phishing attacks and cryptocurrency Ponzi schemes are all common types of cryptocurrency theft.

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 nance global cybercrime, providing anonymity, security and operating outside the jurisdictions of countries, governments and banks

With cybercriminals increasingly leveraging stolen identities to appear legitimate, it is becoming harder for organizations to distinguish between legitimate customers and fraudsters. Recent data breaches and growth of crimeware tools have exacerbated the problem; fraudsters are tapping in to the latest technologies to dupe digital wallet providers into setting up bogus accounts or processing fraudulent payments.

Ensuring fraud is detected early while maintaining the frictionless experience that customers have come to expect means organizations are under increasing pressure to:

  • Detect fraudsters using stolen credentials to create new wallet accounts.
  • Detect the use of stolen payment methods within a digital wallet.
  • Detect attacks to compromise existing users accounts.

2018 will be the year malware becomes smarter and cybercriminals increasingly pursue cryptocurrencies. Malicious software and phishing designed to steal cryptocurrency will become almost as prevalent as banking Trojans in email-based campaigns, targeting wallets, credentials and cryptocurrency exchanges.

Harness the Power of the ThreatMetrix Digital Identity Network

Global digital businesses are increasingly having to balance the pendulum swing of a slick, frictionless online experience, with the ability to accurately detect and block fraud. The ThreatMetrix Digital Identity Network analyzes millions of transactions in real time across billions of devices for thousands of global digital businesses, growing more powerful with every new piece of information.

ThreatMetrix ID is the technology that brings this Digital Identity Intelligence to life; helping businesses elevate fraud and authentication decisions from a device to a user level as well as unite offline behavior with online intelligence. ThreatMetrix ID comprises a unique digital identifier, a confidence score and a visualization graph for each connecting user, which together act as a benchmark for the trustworthiness of current and future transactions.
This intelligence is operationalized using the Dynamic Decision Platform, which incorporates state of the art behavioral analytics and machine learning, case management and integration capabilities to help businesses make the best trust decisions across the entire customer journey. In tandem, ThreatMetrix Smart Authentication provides a framework that incorporates market-leading risk-based authentication (RBA) with Strong Customer Authentication (SCA) that provides a rigorous approach to protecting customer accounts while minimizing friction for trusted users.

The ThreatMetrix Solution for Cryptocurrency Organizations

ThreatMetrix o ers real-time fraud and authentication decisioning solutions that allow cryptocurrency exchanges and digital wallet providers to minimize fraud-related losses and more accurately authenticate trusted users. The ThreatMetrix platform enables them to:

  • Stop Fraudulent New Account Registrations
    Fraudsters often use false and stolen information to open accounts. These fraudulent accounts are then used to purchase cryptocurrencies within a digital wallet. ThreatMetrix provides a risk-based fraud detection solution that uses digital identity intelligence to prevent cybercriminals from creating false accounts.
  • Protect Against Account Takeover
    ThreatMetrix’s leading account takeover prevention solution helps cryptocurrency exchanges and digital wallet providers:

    • Prevent unauthorized access to existing accounts using credentials obtained through phishing attacks, bad devices, malicious personas, shared passwords, or keyword loggers.
    • Analyze subsequent access requests in real time to identify suspicious patterns, compromised devices, unusual locations (including attempts from known botnets or hidden proxies/ VPNs) and suspicious configurations.
    • Detect the presence of malware on a legitimate user’s device, detect activities from bots/scripted mechanisms, and detect account takeover attempts from the mobile channel.
    • ThreatMetrix allows digital wallet providers to minimize fraud- related losses.
  • Prevent Payment Fraud
    Wallet providers must make instant decisions about card-not- present (CNP) interactions. ThreatMetrix detects stolen credit cards in real time by combining device attributes, malware detection and sophisticated analytics with the user’s identity and transaction details. This real-time credit card fraud analysis offers digital wallet providers an additional layer of protection to reduce the costs of credit card fraud while protecting the online experience for legitimate customers.

The ThreatMetrix Advantage

  • An Unparalleled Network
    The ThreatMetrix Digital Identity Network protects 1.4 billion unique online accounts using intelligence harnessed from over 2 billion monthly transactions.
  • A Comprehensive End-to-End Solution
    Universal fraud and authentication decisioning across all use cases and throughout the customer journey.
  • Bringing Digital Identities to Life
    ThreatMetrix ID combines a unique identifier, a confidence score and a visualization graph to genuinely understand a user’s unique digital identity across all channels and touchpoints.
  • An Integrated Approach to Authentication
    Flexibly incorporate real-time event and session data, third-party signals and global intelligence into a single Smart Authentication framework, to deliver a consistent and low-friction experience with reduced challenge rates.
  • Advanced Behavioral Analytics and a Clear-box Approach to Machine Learning
    ThreatMetrix Smart Analytics analyzes dynamic user behavior to build more accurate, yet simpler, risk models. The result is a competitive edge in customer experience with reduce false positives, while maintaining the lowest possible fraud levels.
  • Privacy by Design
    ThreatMetrix is unique in its ability to solve the challenge of providing dynamic risk assessment of identities while maintaining data privacy through the use of anonymization and encryption.
  • Rapid, Lightweight Deployment
    The ThreatMetrix solution is cloud- based, providing simple and straightforward integration with existing systems.

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