Evolution of a “Digital First” World

As many businesses adopt a “digital first” strategy, interactions with customers have irrevocably changed. Traditional face-to-face relationships have been replaced with almost exclusive online activity. Potential customers are often known solely through these remote and somewhat impersonal interactions. Fraudsters leverage this cloak of online anonymity to dupe businesses into believing they are genuine customers. In the current fraud landscape, validating true identity has become harder than ever.

Usernames and passwords are no longer effective identity validators. Fraudsters are cashing in on the fact that consumers are storing more personal information online than ever before, capitalizing on new techniques to steal personal credentials and infiltrate accounts with sophisticated malware. Individual breaches, although damaging, are not the sole problem.

The extensive availability of identity information for sale on the dark web provides missing pieces of the identity jigsaw. Combining bought and stolen data allows cybercriminals to build a more complete digital identity. It’s easy to see how they succeed in duping organizations with convincing stolen or spoofed identities.

The Value of Understanding True Digital Identity

Establishing a complete, unique and reliable picture of true digital identity is more valuable to businesses than ever before. It is crucial to know who your customers really are, because a legitimate and trusted customer base is essential to business growth. The infiltration of cybercriminals from fraudulent account registrations can cause huge damage to revenue, reputation and lifetime value.

Identifying Legitimate Customers Without Adding Friction

The challenge for businesses is how to navigate the thorny path of authenticating legitimate customers and accurately identifying fraudsters, while minimizing friction associated with account set-up. The moment of account creation is particularly sensitive. Invasive identity verification strategies can drive away potential customers and hinder business growth.

Using the ThreatMetrix Digital Identity Network to Establish True Identity

ThreatMetrix has a market leading fraud solution that can protect your business from fraudulent account registrations. The ThreatMetrix Cybercrime Protection Platform adopts a layered approach to effectively distinguish between legitimate customers and cybercriminals in real time.

The ThreatMetrix Digital Identity Network

The Network underpins the ThreatMetrix solution and leverages global shared intelligence from millions of daily consumer interactions including logins, payments and new account originations. Using this information, ThreatMetrix stitches together a customer’s true digital identity by analyzing the myriad connections between devices, locations and anonymized personal information.

Defining User Identity and Behavior Patterns to Identify Threats

Digital Identities within the ThreatMetrix Digital Identity Network show a pattern of trusted behavior by incorporating anonymized non-regulated personal information such as user name, password and email address with device identifiers, connection and location characteristics. At the same time, ThreatMetrix profiles all devices accessing a website (desktops, laptops, smartphones, or tablets), to identify the presence of malware or other anomalies that might indicate a high-risk transaction.

High-risk anomalies can be easily identified and flagged for review or automatic rejection. Businesses can confidently detect key fraudulent account registrations, including:

  • New account requests using stolen identities: Detect people attempting to disguise their true geolocation or hide behind proxies. Match actual device information with stated user information.
  • Botnets automating account creation: Detect multiple accounts created from a single device, computer-generated emails or names, unusual packet fingerprints, and known botnet participation.
  • Crime rings using pooled identities: Detect identities being used across different geographies, IP addresses, time zones, and languages in short periods of time.

Personalizing the ThreatMetrix Solution to your Business

ThreatMetrix offers a powerful yet easily customizable Policy Engine that allows you to incorporate your own business processes and tolerance for risk. This allows your business to fine tune and automate responses to new account requests. Every business faces different exposure to fraud risk; with ThreatMetrix you have the ability to tailor the solution to meet these varying and evolving business needs. For example, you may:

  • Allow new registrations that raise no red flags for your business.
  • Implement manual reviews only for suspicious or high-risk requests.
  • Automate third-party identity validation for particularly sensitive new accounts.

What Gives ThreatMetrix the Advantage?

ThreatMetrix offers the broadest combination of defenses against fraudulent account registration in a solution that imposes little burden on your IT resources or your customers.

Rapid, lightweight deployment:
ThreatMetrix offers the broadest combination of defenses against fraudulent account registration in a solution that imposes little burden on your IT resources or your customers.

Up-to-date global insight:
Integration with the ThreatMetrix Digital Identity Network gives you constant access to current fraud intelligence, including known botnets, global device behavior, and the identity of known fraudsters.

Integration with real-world identity:
For higher-risk accounts, you can authenticate new registrations with integrated third-party identity verification services for an extra level of assurance.

Real-time responsiveness:
ThreatMetrix delivers near instant real-time insight, so you can identify fraudsters before they register new accounts and compromise your business.

Detailed analysis and reporting:
ThreatMetrix provides visualizations and analytical reports that allow your security and fraud analysts to see and understand enterprise application activity, and take proactive steps to improve security and reduce fraud.

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