October 16, 2018
As organizations continue to navigate the path of digital transformation, a consolidated view of the user across all digital touchpoints, and across their lifecycle, remains a key strategic imperative. This relies on leveraging advanced digital identity intelligence, but crucially, the ability to operationalize this intelligence and integrate it with new and legacy data feeds.
Businesses walk a tightrope between balancing exceptional customer experience with effective fraud control. Cybercriminals are constantly trying to infiltrate online platforms, duping businesses into trusting the authenticity of stolen identity credentials, with account takeover attempts purporting to be from a legitimate user and 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 global digital businesses.
Addressing the Challenges in Authentication and Fraud Prevention in Real Time
ThreatMetrix Dynamic Decision Platform
The ThreatMetrix Dynamic Decision Platform enables businesses to leverage the best Intelligence from the ThreatMetrix Digital Identity Network® to make real-time digital decisions. Online customer experience is optimized by combining frictionless, market-leading risk-based authentication (RBA) with low friction strong customer authentication (SCA) strategies.
Good, trusted customers experience fewer unnecessary interventions: transactions that flag as high-risk or require additional assurance can be routed to the appropriate authentication or identity verification service, while manual review budget can be used more effectively. This is facilitated via the following key functions:
- Behavioral Analytics (Smart Rules): Helps businesses understand genuine user behavior, in all its rich diversity, while detecting potential fraud and reducing false positives. It offers analysis of customer behavior at different levels of granularity; defined at a user level or at an entity level like IP address or device. Smart Rules allow configuring of dynamic thresholds by combining static business conditions, rules and variables. This enables businesses to bring an element of personalization into risk decisioning.
- Machine Learning (Smart Learning): Is seamlessly integrated with business rules and Smart Rules, helping businesses easily incorporate the machine learning model, resulting in quick adaption to changing behavior. ThreatMetrix machine learning offers flexible adoption options throughout the customer journey such as, machine learning driven policy optimization or opting for a completely new optimized policy generated via machine learning.
- Integration and Orchestration: Extends the capabilities of the core ThreatMetrix platform to include third-party and custom services. Integration Hub can facilitate plug and play of multi-factor authentication, biometric, Carrier ID and identity verification services with minimal IT support.
- Case Management: Enabling continuous optimization of authentication and fraud decisions with visualization, data correlation and exception handling. Case management has the functionality to support single and multiple events per case, providing a flexible common platform for both fraud and security analysts to investigate and track high-risk events. Any event under manual review can be analyzed in workspace to look at the ThreatMetrix ID visualization along with other signals around device, identity, customer attributes and related events. Case Management feature can also integrate analyst feedback and third-party systems (via an API call) for additional feedback as required, improving future fraud decisions.
- Comprehensive orchestration capabilities to streamline fraud decisioning.
- Core Smart Analytics component that combines advanced behavioral analytics with a clear-box approach to machine learning, to more accurately detect current and future fraud.
- Fully integrated, pre-packaged third-party solutions for plug and play of additional authentication and identity verification for high-risk/additional assurance transactions.
- Straightforward integration of legacy and third-party data feeds to preserve existing and future investments.
- An Integrated case management component for continuous and dynamic optimization of fraud decisions.
- Tailor authentication services to the user, based on what kind of transaction they are performing, what device they are using and their associated level of trust or risk.
- Streamline online experience for trusted users by reducing unnecessary step-up authentication, challenging only genuinely high-risk transactions.
- Lower operational costs by reducing unnecessary step-ups and manual reviews.
- Reduce hardware costs associated with separate tokens or biometric readers by leveraging existing user device capabilities for SMS and biometric authentication.
- Straightforward configuration with minimal requirement for IT support/code-based changes.