ThreatMetrix and TransUnion Launch Powerful Fraud Prevention Platforms
Posted February 13, 2012
Businesses, Notably Financial Institutions and Social Media Sites, Will Now Have Fraud Prevention Platforms Specifically Designed to Assess High-Volume, High-Risk Online Transactions
SAN JOSE, CA and CHICAGO – Feb. 13, 2012 – ThreatMetrix™, a leading provider of integrated cyber security solutions, and TransUnion today announced a collaborative effort to incorporate features and functionality from their respective fraud prevention platforms. The end results are two powerful fraud prevention platforms designed for high-volume, high-risk e-commerce businesses, as well as new account origination and account management for financial institutions and social media sites.
ThreatMetrix will now leverage the TransUnion Contact Verification Service within the ThreatMetrix™ Cybercrime Defender Platform. The solution – called the TrustDefender™ Identity Verification Service – provides ThreatMetrix customers with enhanced real-time online contact verification.
In addition, TransUnion is formally launching its Device Verification Service. TransUnion’s Identity Manager platform is now fully integrated with the ThreatMetrix Cybercrime Defender Platform to offer the Device Verification Service to its customers in addition to its existing Identity Risk alerts and Fraud Scores. This gives TransUnion customers a one-stop platform to assess the risk associated with both individuals initiating the transaction and the device used for the transaction. The Device Verification component helps identify potential cybercriminals trying to mask their identity through cookie manipulation, the use of hidden proxies or invalid IP addresses, or other device anomalies from originating devices such as laptops, smartphones and tablet computers.
When customers want to lower the risk associated with a new account origination or high-value transaction, they now have the ability to confirm a customer’s identity against TransUnion’s Contact Verification Service as well as conduct a fraud analysis of the originating device being used in the transaction with the ThreatMetrix™ Cybercrime Defender Platform. “We’re excited to be working with TransUnion, a leader in information management and identity verification, to provide our e-commerce and social networking customers with the ability to perform automatic identity verification when processing high-value transactions and creating new accounts,” said Reed Taussig, president and CEO, ThreatMetrix. “This collaborative effort is another example of the continuing evolution of ThreatMetrix’s market-leading fraud prevention platform.”
The combination of these powerful services can help dramatically reduce fraud risk for ThreatMetrix and TransUnion customers, added Taussig.
“Today’s reality is that device identity is a critical component of a person’s overall online identity. The combination of personal and device identity verification now available through the TransUnion and ThreatMetrix platforms is good for consumers in that it can prevent unauthorized transactions if their online identity has been compromised,” said TransUnion’s Jeff Brown, vice president, Identity Risk Solutions. “And it’s good for businesses because it can reduce the level of fraud that they experience on their sites and enable them to validate more customers more quickly, while enhancing the customer’s online experience.”
Other benefits of the integrated service offering from both companies include:
• Positive identity confirmation and device threat assessment in real-time. This comprehensive verification presents a single risk score that is especially important for merchants, financial institutions and other online services when determining whether or not to approve transactions that exceed risk thresholds. Social networking sites can also leverage the integrated solution to positively assert the true identity of the customer.
• Seamless integration of identity and device verification to provide companies with operational efficiencies through a single service offering available through real-time interfaces.
• Significant fraud reduction by combining device identification scoring with supplemental identity verification. When new members sign up for an account, layered validation of customer identity information in combination with device identification provides added assurance that customers are who they claim to be.
• Supports compliance with FFIEC’s 2011 guidelines to provide a one-stop platform that is a risk-based, layered, fraud detection and prevention solution that includes rigorous customer and transaction authentication.
As a global leader in information and risk management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering high quality data, and integrating advanced analytics and enhanced decision-making capabilities. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 25 countries around the world. For more information, visit www.transunion.com.
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