ThreatMetrix Deploys a Multi-Layered Data Encryption Architecture in the Latest Release of its Cloud-Based Fraud Prevention Platform
Posted November 7, 2011
The Latest Version of the ThreatMetrix™ Cloud-Based Fraud Prevention Platform Enhances the Security and Privacy of Online Transactions
SAN JOSE, CA – November 7, 2011 – ThreatMetrix™, the fastest growing provider of cloud-based fraud prevention solutions that do not require personally identifiable information (PII), today announced the deployment of a new multi-layered data encryption architecture feature integrated into the latest release of the ThreatMetrix™ Cloud-Based Fraud Prevention Platform.
With the latest product release, ThreatMetrix takes data encryption to a new level. After a major investment in resources, the improved data encryption architecture addresses strict security requirements with minimal impact to customer response times. This means multi-layered encryption of customer-siloed data, as well as global customer data. If any one customer account is compromised, the data loss is limited to that one customer; even if the data center hosting ThreatMetrix services were to be compromised, the encrypted data would remain confidential. This ensures all customer data shared with ThreatMetrix for purposes of fraud protection is kept secure, while at the same time meets performance concerns.
“It’s our goal to raise the bar for the level of security and privacy of online transactions,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “The question is not if a consumer’s identity will be compromised, but it’s a matter of when it will be compromised. Credit card companies can update their credit cards if they’ve been compromised, but consumers can’t simply recycle their identity. ThreatMetrix is staying one step ahead so fraudulent activity is minimized and our clients can do a better job of protecting their customers.”
ThreatMetrix, in broadening its strategy as a leader in digital cyber identification, views the new data encryption feature as a critical next-step toward protecting privacy and enhancing the security of confidential consumer information during online transactions. Activities associated with hacker group LulzSec and many recent high-profile data breaches like Epsilon and PlayStation — which resulted in millions of compromised accounts — underlines the need for new encryption technology that better protects both online brands as well as consumers, added Faulkner.
While the ThreatMetrix Cloud-Based Fraud Prevention Platform already provides real-time intelligence that automatically detects the reputation of the device in question without relying on PII, the new release introduces several added benefits as well. These include new fraud detection rules, device identification improvements, administrative enhancements, queue management improvements, and changes to the ThreatMetrix Portal around access and data privacy.
“PII is no longer an effective authentication tool by itself, as it can’t authenticate the person behind the transaction,” said Faulkner. “Context is key, which means looking past the device and also considering other factors associated with the device, like phone number and email. We’re looking for anomalies in customer data, in conjunction with the underlining device reputation behavior. It’s whether or not all transactions and customer and device information make sense in the context of that transaction. We then apply this intelligence across a comprehensive global network to stop fraud in real-time and better protect consumers.”
Today, it’s estimated that ThreatMetrix is helping to screen up to one-billion online transactions conducted each month, successfully eliminating the threat of an estimated 300,000 fraudulent attempts occurring on a daily basis.
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.