July 16, 2019
The Importance of Customer Authentication
The ability to authenticate the consumer and distinguish between valuable customers and fraudsters is critical. When we do it well, customer satisfaction goes up. When it is not done well, unnecessary friction is introduced into the process, diminishing the customer experience. There is brand new data on the risks that retailers face, going into the holiday season. The data is used to help make the identification and authentication of consumers simpler, thus reducing fraud and increasing customer satisfaction. Implementing back-end integration prevents lengthy interrogation of consumers.
We can recognize a bank robber, based on distinguishing their scars, even if they have changed some aspect of their physical appearance. The premise of a digital identity is similar, in that we know who the fraudsters are, and we help you stop them in their tracks. The goal is to help you improve your business operations by sharing intelligence gathered over the quarter.
Our expanding Digital Identity Network now spans over 200 countries and territories. You benefit from a global view of the cybersecurity landscape. We’ll be talking about high risk fraud and trends, which are things that need to be changed. The first one is the surge in a batch of data breaches. The number of stolen identities continues to grow each year. Thirty percent of transactions, are from mobile. Mobile commerce continues to increase as well, and back-end integration is the only method that can cope with fraud risk related to mobile consumers. Through studies, we are seeing that mobile transactions are being declined at an increasing rate as well, adding friction to the customer process.
Knowing The Difference Between Fraudsters and Trusted Users
There is an increasing amount of technology, creating the perfect breeding ground for fraudsters. Many fraudsters are attempting to hide their source, through activities like root-cloaking or location spoofing. At ThreatMetrix, we use technologies that can recognize returning customers and fraudsters, seamlessly without friction.
We expect users to authenticate from different sources on the Internet. What you leave behind is your digital breadcrumb trail. Our Network is able to analyze behaviors, and spot anomalies. Our software determines whether the transaction is trusted or not.
We are able to differentiate between customers and fraudsters with this network of globalized digital identities, The Digital Identity Network. The Network enables us to eliminate needless step-ups by authenticating users, we have seen before. The customers may be new to your business, but there is a high chance that they are already a part of our Network.