October 20, 2017
October 16, 2017
As digital transactions grow apace, recognizing returning trusted customers is pivotal to business success.
Online relationships are remote and data-driven; trust is critical to ensure that customers can be validated effectively in real time.
When customer accounts are compromised by fraudsters, damage is not purely restricted to financial loss. Account takeover can severely hinder business growth and for some organizations, it can also jeopardize public reputation, industry standing, regulatory compliance or intellectual property.
The challenge for businesses is how to validate customer identities without introducing friction. Passwords alone are no longer sufficient protection for online accounts; they can be cracked in minutes by experienced hackers, or bought on the dark web as a result of an earlier breach. Although two-factor authentication (2FA) provides an extra security layer to verify user identity, it doesn’t protect against malware or social engineering attacks, as fraudsters can hijack legitimate login sessions.
Knowing who your customers really are and how and when they transact, can detect suspicious behavior or compromised devices before accounts are infiltrated by cybercriminals. The challenge for businesses is how to continually recognize returning customers without adding unnecessary friction at login.
Organizations must adopt layers of defense, for example profiling the precise behavior on an account (including any change of details), accessing shared intelligence of known fraud, as well as detecting the presence of malware or remote access control.
ThreatMetrix has a market leading fraud solution that can protect your business from account takeover by passively authenticating returning customers. The ThreatMetrix Dynamic Decision Platform adopts a layered approach to effectively identify up to 95 percent of returning customers, reducing friction and fraud.
This 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.
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 login attempt. High-risk anomalies can be easily identified and flagged for review or automatic rejection. Businesses can confidently detect key situations that put user accounts at risk including:
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 login sessions. 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:
ThreatMetrix offers the broadest combination of defenses against account takeover in a solution that imposes little burden on your IT resources or your customers: