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Posted February 4, 2015
Increase in Consumer Spending and Mobile Dating App Usage Go Hand-in-Hand with Increased Online Fraud
San Jose, CA – February 4, 2015 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced several strategies for consumers to stay protected against online dating fraud and e-commerce risks leading up to Valentine’s Day.
According to the National Retail Federation, Valentine’s Day spending will reach an all-time high of $18.9 billion, much of which will be spent online. Additionally, online shoppers will spend an average of 40 percent more than offline shoppers leading up to Valentine’s Day. With this increase in spending, shoppers and e-commerce websites are a prime target for cybercriminals leading up to Valentine’s Day.
“Online shopping risks surrounding Valentine’s Day should be considered in the same light as the holiday shopping season and any other significant spending day,” said Andreas Baumhof, chief technology officer, ThreatMetrix. “Consumers must make sure to only purchase from legitimate websites, use unique passwords across websites and avoid storing credit card information online. To keep consumers protected online without added friction, retailers should leverage a trust intelligence network to differentiate between authentic and suspicious transactions. Following the influx of data breaches in 2014, there is a much higher risk of stolen identities in use, so retailers must watch out for red flags such as changes in IP addresses, shipping addresses or login credentials.”
Online fraud and cybercrime surrounding Valentine’s Day goes beyond online shopping. Consumers must also be wary of risks associated with phishing emails and online dating. ThreatMetrix has identified several preventative measures for consumers to avoid falling victim to cybercrime this Valentine’s Day and throughout the year. These include:
“Just as mobile and online spending continuously increases year-over-year, so does online dating and as the industry gains popularity, cybercriminals determine new ways to compromise identities,” said Baumhof. “In the online dating world, users have no way to determine if their matches are authentic or fraudulent. Therefore, consumers must prioritize privacy and cybersecurity when looking for love online this Valentine’s Day and online dating websites must put preventative measures in place to stop cybercriminals in their tracks. In fact, data from the ThreatMetrix® Global Trust Intelligence Network (The Network) suggests that fraudulent account registrations occur almost twice as often for online dating sites compared to the average across industries.”
The most effective way for online retailers and dating websites to differentiate between authentic and fraudulent activity is through information sharing, leveraging an anonymized global data repository, such as The Network, which analyzes over 850 million monthly transactions and protects more than 210 million active user accounts across 3,000 customers and 15,000 websites and mobile applications.
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 resulting from malware, and data breaches. Underpinning the solution is the ThreatMetrix® Global Trust Intelligence Network, which analyzes over 850 million monthly transactions and protects more than 210 million active user accounts across 3,000 customers and 15,000 websites and mobile applications.
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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