November 14, 2017
Every Business is a Digital Business
One of the things that is driving the increase in mobile commerce is that every business is now a digital business. It doesn’t depend what type of industry you are in. It may be how your customers find you or how they purchase your products or services. It is the combination of a web and mobile-first world that is changing everything. It is more convenient for users to access e-commerce and mobile commerce than it ever has been. At ThreatMetrix, we create an environment of helping you identify and stop fraudsters, while recognizing trusted users and customers.
Let’s say it’s a username and a password that has been previously leaked. It may be that you’ve also used it with a credit card company or on a e-commerce website or even a social networking company. It means I can then open credit in your name. It also means I have access to sensitive information. It is important to emphasize that the data is generated from business-to-consumer content. What businesses must be aware of at all times is that when your customers transact, there is a potential area of compromise that can be used against you.
What happens to malware after it gets released? How often is it used? Quite simply, cybercrime is committed in two ways. They either conduct a malware infused data breach or purchase identities elsewhere. Fraudsters buy identities from forum sites on the dark web. Then the cybercriminals use proxies or more recently virtual private networks (VPN) to hide their true identities. Fraudsters also infect users’ devices with man-in-the-middle to intercept passwords and other sensitive data. These attacks tend to escalate once you have two-factor authentication where there is sufficient reward for the effort required.
The Fraud Prevention Power of the Digital Identity Network
ThreatMetrix is the largest Digital Identity Network, which essentially means we take anonymized data about transactions, whether someone is logging into a bank or completing a credit card transaction. The actions that happen within our Network over a six-month period account for approximately 6 billion transactions. The data indicates authentication before completing a transaction.
Millions of identities have been breached. The identity is being used by cybercriminals. It is not being used just to apply for credit cards, which is what things like your free credit reports are aimed at helping to protect. There are also mobile applications that have a trick SDK, but it is really gaining information about your device. In their fraud prevention efforts many retailers are needlessly making trusted consumers perform step-up authentication causing frustration and online cart abandonment. ThreatMetrix makes authentication better with less user-friction increasing sales, as a direct result.