ThreatMetrix Delivers Frictionless Authentication for Financial Institutions to Minimize Costly Multi-Factor Authentication and Improve the Online Customer Experience
Posted January 28, 2015
ThreatMetrix Offers Alternatives to RSA’s Outdated Adaptive Authentication through Its Risk-Based Authentication Solution
San Jose, CA – January 28, 2015 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced enhancements to its existing multi-factor authentication (MFA) solutions for financial services institutions to provide frictionless customer logins, decrease operational costs and improve cybercrime detection.
In online and mobile banking, a frictionless customer experience is critical to keeping customers. Unfortunately, many financial institutions rely on outdated MFA systems like RSA’s Adaptive Authentication that require excessive step-up challenges for trusted customers to access their accounts, adding significant friction and frustration. These excessive step-up authentication requirements were shown to have trusted customer step-up failure rates of more than 33% according to analysis from banking login data processed by the ThreatMetrix® Global Trust Intelligence Network (The Network).
“Many financial institutions have trouble authenticating returning, trusted customers due to simple changes in a customer’s environment,” said Ken Jochims, director of product marketing at ThreatMetrix. “Clearing cookies, changing browsers or using a VPN for web access at a coffee shop are everyday occurrences that can cause legacy security solutions from vendors like RSA or Actimize to request step-up authentication. ThreatMetrix’s frictionless authentication solution offers a proven alternative for financial institutions to improve customer satisfaction and increase revenue.”
In contrast to the design of many legacy MFA solutions, ThreatMetrix can easily support financial institution authentication requirements and provide trusted customers access without excessive step-up authentication. Financial institutions require secure, accurate authentication, in real time without annoying customers or creating false positives. ThreatMetrix delivers this through a shared global intelligence network that provides real-time risk analysis based on billions of web and mobile transactions – something never envisioned by first-generation security solutions.
ThreatMetrix has been deployed to enhance in-place security solutions from companies like RSA and Actimize, successfully minimizing step-up challenges and improving the customer experience. One of ThreatMetrix’s large North American banking customers successfully enhanced its RSA on-premise solution by adding intelligent customer authentication. Customer experience is a critical business metric for this multinational bank that provides online and mobile account access in addition to 1,000 branch offices. The bank provides retail and commercial banking, wealth management and insurance services to more than 22 million customers. Its ThreatMetrix solution improved both step-up related customer experience issues and reduced step-up operational expenses along with the support issues they created.
“ThreatMetrix can determine trusted customers logins in real time by analyzing devices and identities based on activity we’ve seen in The Network,” said Jochims. “We only require a step-up if very unusual behavior is detected, such as flagging a device that has been identified as suspicious from any of the 15,000 websites and mobile applications we protect or flagging an identity used across an excessive number of devices or locations over a short period of time. Solutions provided by companies like RSA and Actimize may have been acceptable a decade ago, when there was less online activity, mobile devices didn’t exist and consumers weren’t routinely using smart devices in place of computers. Now financial institutions need to look at the bigger picture, using contextual factors derived from a global intelligence network to quickly identify trusted users from cybercriminals.”
ThreatMetrix authenticates customer access to browser and mobile-based banking applications using real-time identity and access analytics that leverage the world’s largest shared global trust intelligence network. The solution protects financial web and mobile applications against account takeover, payment fraud, and fraudulent account registrations as a result of stolen credentials obtained from malware, social engineering, phishing and data breaches.
- Case Study: Multinational Bank Enhances RSA Adaptive Authentication to Improve Customer Experience and Reduce Call Center Costs
- Guilty Until Proven Innocent: How Incorrectly Identifying Good Customers as Cybercriminals Damages Your Bottom Line
- eBook: ThreatMetrix Cybercrime Report: Q4 2014
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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