Offerpal Media, the Leader in Virtual Currency Payment Alternatives, Selects ThreatMetrix to Control Fraud
Posted May 26, 2010
Flexible and Powerful Rules-Based Engine and Scoring Fits Offerpal’s Business Requirements and Stops Fraud the First Time, in Real-Time
LOS ALTOS, CA. – May 27, 2010 – ThreatMetrix™, a fast growing provider of fraud detection solutions that do not require personally identifiable information (PII), today announced that Offerpal Media, the leader in virtual currency payment alternatives, has selected ThreatMetrix to help control online fraud and abuse.
Offerpal Media works with leading direct payment providers, from PayPal, Visa and MasterCard to Zong, Boku, DaoPay, Amazon Payments, Paymo, Ultimate Game Card, PayByCash, Social Gold and more. Additionally, the company recently announced new payment options including pre-paid debit cards, phone cards, e-payment systems, parent-approved payments and more, from partners such as Zeus Research and STi Prepaid, paysafecard, MyCard, Rixty, BillMyParents, ClickandBuy and others covering nearly 200 countries.
The ThreatMetrix Fraud Network will give Offerpal Media added visibility into user’s account information and online behaviors to help the company more easily identify potentially fraudulent activities.
“We operate in a fast-moving, high growth industry,” said Stacy Martin, director of customer support, Offerpal Media. “We needed to implement a solution on a large scale within weeks. We felt that the ThreatMetrix Fraud Network would give us a unique perspective on fraud beyond what we had created ourselves. By integrating the ThreatMetrix Fraud Network into our own fraud platform, we feel that we have been able to create a best-of-breed solution and provide our customers with the best possible fraud protection within the shortest timeframe. The integration of the ThreatMetrix Fraud Network into the Offerpal Media platform has been seamless, straightforward, easy and required little support.”
“One of our main goals was to go beyond just having a set of simple rules for flagging potentially risky transactions,” continued Martin. “What we really needed was the ability to pierce the proxy to determine the actual location of a computer, collect more detailed information on each user, their transaction, and the device they were using, combined with a rules-based engine that would take all these elements into consideration and create a score from which we could accept, reject or hold the transaction for further review.”
Concealing true device location via hidden proxy systems is a common technique of cyber criminals. By using a hidden proxy fraudsters pretend to be in one location, when the device they are using to execute a fraudulent transaction is actually located in a different location.
“A lot of the fraud we see is international but masks itself as coming from the U.S.,” said Martin. “We tailor some of our business to publishers who support international audiences so it was mission critical that we address it.”
Previous anti-fraud approaches were based on in-house solutions, but Offerpal Media chose to go with the ThreatMetrix Fraud Network after a review of competitive offerings. “We looked at a variety of anti-fraud solutions but chose ThreatMetrix as it characterizes transactions far beyond just IP geolocation and lets me prevent fraud upfront, in real-time, the first time, rather than after the fact.”
One of Martin’s initial concerns over implementing a new solution into his existing anti-fraud environment was the potential impact on system performance. “I was initially concerned about the potential negative impact we might see on performance with additional profiling but it never materialized. As with any new technology, it’s a leap of faith. Is it going to do what they say it will do? I’m happy to say that I haven’t seen any negative impacts on performance.”
According to Martin, one of the key benefits Offerpal Media values is the flexibility and the ability to customize the rules-based templates that helps them take the guesswork out of determining whether to accept, reject or further evaluate transactions.
“One of the biggest pluses of the ThreatMetrix Fraud Network is that it is flexible to my business requirements,” said Martin. “I don’t have to reengineer my business to the limitations of some technology. I can set rules and transaction scoring specific to certain games and publishers. It gives us the flexibility to respond immediately to potential fraud attacks. Our fraud analyst is able to make changes to the business rules on a real-time basis. There’s no coding or release cycles involved. If our fraud analyst sees an instance of fraud and it appears to be a pattern, then he is able to go into the rules engine, change the scoring, and block further fraudulent transactions in seconds. That’s powerful.”
“Every one of our publishers is concerned about fraud on their businesses and the threat of chargebacks related to fraud,” said Martin. “We feel that the ThreatMetrix Fraud Network is a real differentiator for us in its ability to identify potential fraudsters and characterize transactions far beyond just IP geolocation.”
To view a video on the ThreatMetrix Fraud Network, visit: ThreatMetrix, The Digital Identity Company
About Offerpal Media
Offerpal Media is the leader in virtual currency monetization for online games, virtual worlds and social networks. The company’s turnkey payment platform gives consumers the opportunity to earn virtual currency for free by taking part in targeted advertising offers, shopping at big-brand retailers, completing online surveys, watching videos or otherwise engaging with brands. Since its launch in 2007, Offerpal has issued more than 1 trillion virtual points to over 200 million consumers across 2,000 publishers. The company is headquartered in Fremont, California. Investors include Interwest Capital, North Bridge Venture Partners, and D. E. Shaw Ventures.
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.
Tel: 650-625-1451, ext. 122
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