E-Commerce Executives Value Stopping Fraud in Real Time as the Top Capability in an Advanced Fraud Prevention and Cybersecurity Solution
Posted October 8, 2014
According to a Recent ThreatMetrix Survey, 75 Percent of E-Commerce Executives Indicate Stopping Fraud in Real Time as a Key Capability
San Jose, CA – October 8, 2014 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced the results of a recent customer survey, which found that e-commerce executives value stopping fraud in real time as a key capability in their fraud prevention and cybersecurity solution.
With the holiday shopping season around the corner, real-time fraud prevention is particularly important for e-commerce executives. According to comScore, in 2013, U.S. holiday e-commerce sales reached a record $46.5 billion and 2014 holiday spending is projected to increase by nine to 16 percent. Such a high volume of spending makes e-commerce websites and customers a top target for cybercriminals.
“The holiday shopping season is the most profitable time of year for online merchants and these businesses must have a solution in place that accelerates the shopping experience and reduces customer friction without compromising security,” said Ken Jochims, director of product marketing at ThreatMetrix. “By stopping fraud in real time, online merchants can process more authentic transactions and avoid shopping cart abandonment associated with manual reviews and step-up authentication.”
According to a recent ThreatMetrix survey conducted with TechValidate, 75 percent of executives using the ThreatMetrix Platform indicate stopping fraud in real time as a key capability in their fraud and cybersecurity solution. Additional key capabilities include uniquely and persistently identifying device data (71 percent), on the fly modification of business rules and policies (58 percent), and access to global, anonymized, device and behavior data (58 percent).
The 2014 holiday shopping season presents more risks than ever before for online fraud and cybercrime. Following high profile data breaches such as Target and Home Depot, as well as recent news about a Russian cybercrime ring gaining access to 1.2 billion usernames and password combinations, online merchants must make security a priority to assure stolen credentials from these breaches are not fraudulently used to make holiday purchases.
“Countless recent data breaches present a significant opportunity for card-not-present fraud, fraudulent account creation and login risks this holiday shopping season for retailers who are not protected with a real-time fraud prevention solution that leverages a global, anonymized network,” said Jochims. “At the same time, in order to maximize revenue, retailers must assure legitimate customers do not experience an arduous screening process or get incorrectly identified as fraudsters.”
During the holiday shopping season and year round, advanced fraud prevention and context-based authentication can help identify good users and protect customers without adding additional steps to the authentication process. The ThreatMetrix® Global Trust Intelligence Network analyzes more than 850 million monthly transactions and combines device identification, threat assessments, identity and behavioral intelligence to accurately identify cybercriminals without creating friction for good users.
- Press Release: Mobile Attacks Listed as One of the Top Threats Facing E-Commerce Businesses
- Whitepaper: Real-Time Trust Analytics: Next-Generation Cybercrime Protection
- ThreatMetrix Cybercrime Prevention Summit 2014
ThreatMetrix builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.
ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix Digital Identity Network, which analyzes over 850 million monthly transactions and protects more than 210 million active user accounts across 3,000 customers and 15,000 websites.
The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.
For more information, visit www.threatmetrix.com or call 1-408-200-5755.
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