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Posted November 7, 2012
The Webinar Will Provide Online Merchants with Mitigation Strategies and Prevention Techniques to Combat Cybercrime
San Jose, CA – November 7, 2012 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime prevention solutions, today announced that it is co-hosting a webinar with the Merchant Risk Council (MRC) entitled “Battling Account Takeovers and Identity Theft: Lessons for Merchants from Online Banking.” The webinar will highlight how cybercriminals are attacking merchants and provide mitigation strategies and prevention techniques merchants can learn from banks to identify and stop online malware attacks in real-time.
The webinar will take place on Thursday, November 15 at 10 a.m. PDT/1 p.m. EDT, and will feature Tom Donlea, managing director of Americas, Merchant Risk Council, and Andreas Baumhof, chief technology officer, ThreatMetrix.
According to estimates from the Aite Group, an independent research and advisory firm, as many as 25 million unique strains of malware were released in 2011; the annual production of malware is expected to mushroom to 87 million by the end of 2015.
“Our merchant members continue to see the downstream implications of malware,” said Donlea. “Attacks and methods by cybercriminals continuously evolve and consumer behavior and defenses can also use improvement to prevent major losses for online merchants. The merchant community works collaboratively with the issuers of credit cards and fraud and malware defense software providers, which will result in greater protect for merchants and consumers in 2013.”
MRC’s recent annual survey shows that two of the top online fraud threats experienced by merchants were account takeover and identity theft, each often the result of malware targeting a merchant through their customers. In recent years, fraudsters have targeted e-commerce providers with malware designed to deliver access to customer data and other restricted information. Now, cybercriminals are ramping up their attacks with new variants of the Zeus Trojan— advanced malware that allows cybercriminals to seamlessly intercept customer data at the time of checkout.
“Although banks have long been a primary focus of these attacks, recent incidents indicate that cybercriminals are now targeting online merchants with malware schemes,” said Baumhof. “Staying on top of the latest malware threats isn’t easy, but with both reputations and real dollars hanging in the balance, it’s imperative for merchants to prioritize the implementation of multi-layered cybersecurity programs to protect their organizations and create highly effective online retail experiences.”
About the Merchant Risk Council
The Merchant Risk Council (MRC) was formed to increase networking and information sharing among merchants to better enable them to successfully fight online fraud. Today, with over 900 members representing over 300 member companies across the globe, the MRC not only continues to provide a platform for information sharing and discussion, but acts as an advocate for e-commerce merchants, providing a unified voice for improving the industry as a whole. For more information, visit www.merchantriskcouncil.org.
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.
Walker Sands Communications
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