ThreatMetrix Accelerates Transaction Approvals and Significantly Reduces Chargebacks for Giftcard Marketplace
San Jose, Calif. – March 12, 2014 – ThreatMetrix™, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announces its partnership with Raise, an online marketplace where consumers buy and sell discounted gift cards. ThreatMetrix provides Raise with an integrated account takeover and cybercrime prevention solution to protect its buyers and sellers. The two companies will co-present at the Merchant Risk Council’s 2014 eCommerce Payments & Risk Conference (MRC Conference), the largest professional development and networking event for ecommerce payments and fraud professionals in the Americas, held March 17-20 in Las Vegas.
Following its launch in February 2013, Raise experienced unsustainable losses due to fraud in its first two months and spent a considerable amount of time manually screening requests. As a result, customers incurred multiple security questions on their transactions, which sometimes took up to a week for approval, and Raise was forced to reimburse both the buyer and seller for fraudulent charges, doubling the loss for each transaction.
To increase cybersecurity and make the screening process more efficient, the company engaged ThreatMetrix for its expertise in comprehensive cybersecurity prevention. In less than a year, ThreatMetrix drastically minimized the company’s chargeback rates and expedited the approval process for account registrations and transactions.
“ThreatMetrix has enabled us to grow from a small startup to a national brand, and in 10 months we’ve almost quadrupled our profits,” said Eamon Murphy, director of operational risk and loss prevention, Raise. “Since implementing ThreatMetrix, we’ve had the opportunity to spend more time processing transactions and focusing on the customer experience and less time manually reviewing transactions to kick cybercriminals out the door.”
Raise utilizes several ThreatMetrix solutions to protect its buyers and sellers from cybercrime, including:
• ThreatMetrix™ Persona ID – Establishing a persona for each user, including email address, credit card usage, transaction history, device, IP address and geographical location, enables Raise to quickly identify fraudsters and evaluate any suspicious activity on an account. For example, if a user initiates a transaction from a country in Europe but their previous orders originated in the United States, Raise will be alerted to the red flag and can proceed accordingly.
• Customized Rules – ThreatMetrix enables companies to set their own threshold for indicating cybercrime risk based off the specific needs and nature of their business. By implementing custom rules in real-time, Raise can prevent chargebacks from the same identity and enlist added screening for repeat illicit visitors to its website.
Raise also leverages the power of the ThreatMetrix™ Global Trust Intelligence Network (The Network), the largest trusted identity network of shared intelligence, which processes more than 500 million monthly transactions and protects more than 160 million active user accounts, 2,500 customers and 10,000 websites. The depth of The Network enables Raise to identify more users and devices than ever before in order to determine the level of cybercrime risk for each transaction and login.
As Raise is a consumer-to-consumer marketplace where customers both buy and sell, it must be vigilant in detecting and preventing account takeover and payment fraud. Through customized rules and the powerful reach of The Network, Raise will continue to strengthen its policies and more effectively protect its customers from cybercrime.
“Effective cybersecurity strategies are essential for every company, but it was a key component for Raise to sustain and eventually grow its brand,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “Our solution’s flexibility and easy-to-use functionality enabled rapid implementation, and immediately Raise was able to prevent account takeover and collect extensive data to protect its buyers and sellers.”
To learn more about the collaboration between ThreatMetrix and Raise, visit ThreatMetrix at booth 1010 at the MRC Conference. Murphy and Faulkner are also co-presenting on “Using a Global Trust Intelligence Network to Stop Account Takeover, Payment Fraud and Identity Spoofing” during the conference, where they will provide an overview of the companies’ partnership and share the key strategies used to elevate cybercrime prevention at Raise. The presentation will take place at 8:30 a.m. on Thursday, March 20 in Starvine Room 1-2 at the Aria Resort and Casino.
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™ Global Trust Intelligence Network, which analyzes over 500 million monthly transactions and protects more than 160 million active user accounts across 2,500 customers and 10,000 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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