November 19, 2018
November 13, 2018
Exciting innovations are emerging in the world of frictionless payment as a result of the growing connectivity of devices. The physical wallet is becoming somewhat redundant for many technologically savvy consumers, who are increasingly looking for more streamlined digital solutions to everyday transactions. As new solutions fuel the market, fraudsters are on the lookout for ways to exploit these new mobile payment systems. Cybercriminals are focusing their efforts on attacking mobile wallets using targeted malware and Near Field Communication (NFC) hacking for contactless payments.
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 crime-ware 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:
ThreatMetrix layered approach validates the end user’s true digital identity through information related to devices, threats and persona (combination of device, history, transactions, email and other attributes). At the same time, ThreatMetrix real-time decision analytics platform provides additional insights to differentiate trusted customers from potential fraudsters. This knowledge allows digital wallet providers invaluable insight into who their customers really are and whether their transactions can be trusted. Underpinning this solution is world’s largest Digital Identity Network built on shared intelligence from over 1 billion transactions per month from more than 4,000 of the world’s most trusted brands.
ThreatMetrix offers real-time fraud detection and prevention solutions that allow digital and mobile wallet providers to minimize fraud-related losses. The ThreatMetrix platform enables them to:
Fraudsters often use false and stolen information to open accounts. These fraudulent accounts are then used to purchase things like gift cards (for ease of use and distribution) as well as carry out other fraudulent purchases. ThreatMetrix provides a risk-based fraud detection solution that prevents cybercriminals from creating false accounts.
ThreatMetrix leading account takeover prevention solution helps digital wallet providers:
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.
Since implementation, ThreatMetrix has helped digital wallet providers lower fraud, reduce losses and deliver an enhanced experience for trusted users. This has been supported by the following key capabilities: