October 16, 2018
October 9, 2018
Posted December 18, 2017
Digital Identity is Nearly 3x More Effective for Customer Recognition vs. Device-Centric Data, Driving a Dramatic Growth in Demand
San Jose, December 18, 2017 – ThreatMetrix®, The Digital Identity Company®, today announced 45 percent growth in billings year-on-year, as implementing digital identity solutions became a key priority for organizations in 2017.
In the past quarter, average daily transaction volume processed by ThreatMetrix surged from 75 million to more than 100 million transactions, contributing rich data to the world’s only digital identity graph. Throughout 2017, nearly 150 new companies per quarter were added to the Digital Identity Network®, giving ThreatMetrix customers an unparalleled global view into true digital identity and user trust.
“Organizations of all shapes and sizes are embracing ThreatMetrix ID™ to recognize true customers, operate digital businesses securely and profitably, and improve the user experience – all without compromising privacy,” says Frank Teruel, chief finance officer at ThreatMetrix. “Every quarter, the demand from customers is exceeding expectations. We have invested significant energy and capital into advancing our digital identity mission, and we are enjoying seeing the fruits of that labor.”
Global financial services now account for more than half of ThreatMetrix worldwide billings, and led to an expanding presence in major financial hubs. ThreatMetrix has a new location in the iconic Empire State Building in New York as well as new offices in Toronto, Singapore and Munich.
ThreatMetrix offers digital businesses across the globe the ability to instantaneously differentiate between trusted users and cybercriminals. Compared to legacy approaches relying on simple device recognition, digital identity intelligence is 2.6 times more effective at customer recognition for financial services organizations.
The demand for digital identity solutions spans various industries – from traditional brick-and-mortar banks and big-box retail merchants, to digital-born organizations in the fintech, insurance, media, and gaming space.
“There has never been a more exciting time to be in our space, as ThreatMetrix re-writes the rules of what is possible in digital identity,” adds Teruel. “There is a bright future ahead and it’s exciting to shape the path ThreatMetrix will pursue in the coming quarters and years.”
Executives from major corporations, including Standard Chartered Bank, Uber, Visa, Pitney Bowes, Netflix, JP Morgan Chase, Ctrip, TD Bank, and Citibank, presented on the main stage at the Digital Identity Summit 2017, hosted by ThreatMetrix. These companies are emerging as thought leaders in the area of digital identity and are helping drive industry-wide investment in this innovative technology.
Mobile transactions, which surpassed 50 percent of traffic for the first time on the ThreatMetrix Digital Identity Network, are also helping create demand as digital businesses look to secure this increasingly popular consumer channel. Mobile provides customers an easy and convenient way to carry out an array of daily activities and transactions. This is particularly pronounced in banking, with more than 60 percent of financial services transactions taking place on mobile devices.
ThreatMetrix has received notable industry recognition, including being named the sole Leader in the 2017 Forrester Wave™: Risk Based Authentication. Other industry recognition in 2017 came from Javelin Strategy and Research, which named ThreatMetrix as leader in multiple categories in the Identity Proofing and Platform Scorecard.
The impressive list of global companies working with ThreatMetrix continues to expand and includes: Airbnb, Alipay, Banco Sabadell, Banque Casino, BPCE, Commercial Bank of Dubai, Gumtree, Homeaway, Lloyds Banking Group, MecardoLibre, Moneycorp, Netflix, Scotiabank and Yandex.Money.
ThreatMetrix®, The Digital Identity Company®, empowers the global economy to grow profitably and securely without compromise. With deep insight into 1.4 billion anonymized user identities, ThreatMetrix ID™ delivers the intelligence behind 75 million daily authentication and trust decisions to differentiate legitimate customers from fraudsters in real time.
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1 ThreatMetrix Q3 2017 Cybercrime Report