Illegal Domain Purchases Reduced by 90%, Saving Name.com Time and Money
LOS ALTOS, CA – October 13, 2009–Leading Internet domain registrar Name.com has deployed device identification software from ThreatMetrix to stop scammers from purchasing domains with stolen credit cards, ThreatMetrix announced today. Since deploying ThreatMetrix, Name.com has reduced the number of fraudulently purchased domain names by 90%, a result that positively impacts Name.com’s standing with upstream domain registry partners while also saving the company significant time and money.
Using a threat score generated by the ThreatMetrix solution, Name.com can quickly and easily determine which customers are legitimate and which are fraudsters. By reducing the number of fraudulent purchases, Name.com is satisfying a commitment to its upstream registry partners that the number of domain deletions will not exceed 10% of total domain purchases in any given month. This is important since a failure to remain below the 10% threshold would result in a financial penalty to Name.com—potentially tens of thousands of dollars—and damage its reputation with partners.
Prior to deploying ThreatMetrix, Name.com was taking a manual approach to catching fraudsters. The equivalent of 2.5 full-time employees were charged with reviewing each domain purchase and using what little data they had about the customer to determine whether or not to honor the transaction. Having automated and improved the process with ThreatMetrix, individual transaction review is now faster and more effective. Today, the activity is performed using three-quarters of one person’s time—a substantial time and cost savings to Name.com.
ThreatMetrix device identification solutions profile the web transaction, instantly collecting and correlating over 150 discrete pieces of information about the computer and session to develop a risk profile. ThreatMetrix then assigns a unique identifier to the computer – also known as a “device fingerprint” – so clients can quickly establish the status of returning customers. In addition to performing a deep inspection of the TCP/IP packets ThreatMetrix can pierce a proxy to identify the computer’s true IP and geo location and check its reputation against ThreatMetrix Device Intelligence Network which tracks 12 million live compromised computers. “
ThreatMetrix is helping us prevent thousands of bogus domain purchases every month,” said Kellie Peterson, executive vice president at Name.com. “Not only does this improve our standing with partners, it also saves us money because we’re not on the hook for purchases made using stolen credit cards. As important, we’re finding that the number of attempted illegal purchases actually is going down. Thanks in part to ThreatMetrix, cyber criminals are wising-up to the fact that trying to use compromised devices to shop at Name.com is a waste of their time.”
ThreatMetrix (www.threatmetrix.com) helps companies control online fraud and abuse in real time so they can acquire more customers faster, reduce costs, and increase customer satisfaction. ThreatMetrix profiles the device used in an online transaction so companies can determine whether the users are fraudsters or customers. ThreatMetrix’ simple and cost-effective approach to implementation – SaaS or on-premise – enables companies to get results in hours or days, rather than weeks or months. ThreatMetrix serves a rapidly growing customer base in the U.S. and around the world across a variety of industries including online retail, financial, social networks, and alternative payments.