ThreatMetrix and TeleSign Help Name.com Eliminate More Than $1.5 Million in Annual Online Fraud
Posted August 29, 2011
One-Two Punch Helps the ICANN-Accredited Domain Registrar Reduce Online Fraud While Improving Revenue and the Customer Experience
LOS ANGELES, and LOS ALTOS, CA. – August 30, 2011 – ThreatMetrix™, the fastest growing provider of fraud prevention solutions that do not require personally identifiable information (PII), and TeleSign, a market leader in phone-based authentication and verification services, announced today that they have joined to deliver advanced online fraud prevention solutions for Name.com. TeleSign worked with Name.com to implement TeleSign Telephone Verification after Name.com also employed the ThreatMetrix™ Cloud-Based Fraud Prevention Platform. Together, the solutions have since eliminated more than $1.5 million in fraud losses annually for Name.com.
In recent years, Name.com, an accredited domain registrar and web hosting company, experienced as much as 10-12% annual fraud rates. By employing the one-two punch of TeleSign and ThreatMetrix to flag suspicious orders and create audit trails with phone verification, Name.com reduced the time and manpower needed to identify fraudulent orders and reduce illegal domain purchases by 98%.
“Using TeleSign and ThreatMetrix, we dramatically reduced the time, effort and cost to find fraudulent orders for Name.com, our partners and our customers,” said Paul Carter, vice president of operations, Name.com. “This joint solution has helped us significantly decrease our fraud rate and reduce our manual review burden while preventing thousands of sham domain registrations every month.”
Domain registrars like Name.com are frequently targeted by fraudsters, as compromised domain names are easy gateways for scamming customers of banks, cloud services companies, e-commerce and other websites. By stealing and redirecting domain names, fraudsters can intercept traffic and spoof websites to “phish” for credentials, compromise user accounts, and siphon off funds and personal data.
Key benefits for Name.com included:
• Fraud rate reduced to 2%, from 10-12%
• 80% reduction in fraud loss from $5,000 per day, to less than $1,000
• Cost of manual reviews reduced by 88%
• Reduced charge-backs by up to 80% on any given week
“Security is a bottom-line concern,” said Steve Jillings, CEO, TeleSign. “When companies use TeleSign Telephone Verification to verify users and transactions, they don’t just cut fraud, they enhance revenue and profitability for themselves and their partners.”
Reed Taussig, president and CEO of ThreatMetrix added that in implementing a multi-layered fraud defense strategy, Name.com has the unique ability to leverage ThreatMetrix as a first perimeter of defense for transaction security from cybercrime, hidden proxies, scripted attacks and cookie and browser manipulation by fraudsters. “Name.com has automated and improved the fraud prevention process with ThreatMetrix and TeleSign, to the point where individual transaction review is faster and more effective for them than ever before.”
For more information, download the Name.com case study here.
TeleSign is a global leader in phone-based authentication and verification services with coverage in more than 200 countries and 50 languages. TeleSign serves some of the world’s largest and most prominent web businesses in social media, lead generation, classifieds, financial services, eCommerce and cloud-based services. Its customers have conducted more than one billion phone-based authentication and verification transactions around the globe. TeleSign guarantees enterprise-level uptime and provides industry-leading global deliverability rates.
For more information about TeleSign, visit www.telesign.com.
ThreatMetrix helps companies stop web fraud and accelerate e-commerce in real-time so they can significantly reduce online fraud, acquire more customers faster, reduce costs, and increase customer satisfaction. The ThreatMetrix™ Cloud-Based Fraud Prevention Platform, incorporating ThreatMetrix™ SmartID cookieless device identification, provides online businesses with the ability to protect themselves and their customers by verifying new accounts, authorizing payments and transactions and authenticating user logins in real-time. Online businesses can deploy the ThreatMetrix Cloud-based Fraud Prevention Platform, which does not rely on personally identifiable information (PII), for traditional online activity via a personal computer as well as for mobile and tablet devices. The company serves a rapidly growing customer base around the world across a variety of industries including social networks (dating, gaming), financial services, e-commerce, affiliate marketing and payments. For more information, visit www.threatmetrix.com or call 1-650-625-1451.
© 2011 ThreatMetrix. All rights reserved. ThreatMetrix, the ThreatMetrix Cloud-Based Fraud Prevention Platform, ThreatMetrix SmartID, ThreatMetrix ExactID, and the ThreatMetrix logo are trademarks or registered trademarks of ThreatMetrix in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Name.com is a unique, independent, and fully ICANN-accredited domain registrar. Our goal is to fully meet every customer’s needs and wants for domain name registration and renewal. Our offices are located in the Cherry Creek shopping district towards downtown Denver, Colorado. Our staff is diverse, employing a wide range of bright, intelligent, and hardworking students, scholars, and free thinkers. Unlike the other guys, all of our employees are empowered (and in fact commanded) to use their own personalized understanding of domain needs to solve any and all of our customers’ domain name related issues and questions. We do this without resort to textbook approaches and by-the-books solutions, but rather through a fine-tuned approach that includes extensive training, a voluminous knowledge base, and energized customer support. At best, we can provide a multitude of satisfying answers for any vexing issue, and even at our worst we can provide just the right answer for you. For more information, visit www.name.com.