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September 18, 2017
Posted January 2, 2015
ThreatMetrix Finds Logins to Existing Accounts Grew to 80 Percent During Christmas Week, Customers Returning to Sites They Trust
San Jose, CA – January 2, 2015 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced the ThreatMetrix® Global Trust Intelligence Network (The Network) prevented more than 11.4 million attempted fraudulent transactions during the 2014 holiday shopping season. Additionally, data analyzed from The Network over Christmas Week, Dec. 20 through 28, identified several trends in online spending, including a continued shift toward mobile shopping, specifically on iPhones, and an increase in logins to existing retailers.
According to ComScore, the final week leading up to Christmas this year saw an 18 percent surge in spending compared to 2013. This increase in last-minute shopping leading up to the holidays was quickly followed by some continued shopping directly after – consumers using gift cards, making additional purchases following returns and more. Cybercriminals were also exceptionally busy during the Christmas week trying to cash in on the increased spending.
“The week before Christmas was full of last-minute shoppers who were too busy to finish all their shopping until the holiday week, and many of those shoppers turned to online channels up until the last minute,” said Ken Jochims, director of product marketing at ThreatMetrix. “Cybercriminals follow the money – especially around the holidays. Fortunately, The Network prevented millions of fraudulent transactions this holiday season, saving hundreds of millions of dollars in fraud losses for our customers.”
Leveraging data from The Network, ThreatMetrix identified several key trends in online spending over the week of Christmas Week, Dec. 20 through 28. These include:
“Customers returned to trusted sites to make purchases throughout the holidays,” said Jochims. “But maintaining trust requires a high level of security that needs to be transparently applied without disrupting the shopping experience. Dialing up security while decreasing friction is a challenging requirement that can only be accomplished by implementing a security solution that can deliver real-time fraud prevention based on contextual intelligence. Retailers need to ensure that only trusted customers create and access accounts so they can easily make repeat purchases throughout the year – while keeping the bad guys out. ThreatMetrix delivers this protection year round protecting major retailers from all types of fraudulent activity, accelerating commerce and creating trust.”
The Network also detected a general pattern in mobile usage, hitting a low on Mondays and gradually climbing throughout the week jumping on Saturdays peaking on Sundays, tapering off again on Monday.
“It appears consumers are comfortable getting back to work and shopping online on Mondays,” said Jochims. “Consumers making online purchases on the weekends are often doing so from mobile devices or tablets in front of the TV or on-the-go, but on Monday they shop from desktop computers, where the data also shows consumers typically make larger purchases.”
Account creation fraud also grew 30 percent during Christmas Week compared to the ThreatMetrix Cybercrime Report: Q4 2014, with 6.7 percent of transactions vs. 5.2 percent. Account login and payment fraud were both down slightly over the holiday.
This holiday season, ThreatMetrix was able to help stop more than 11 million attempted fraudulent transactions – equating to hundreds of millions of dollars – through the collective intelligence of its global data repository, The Network, which analyzes more than 850 million monthly transactions, and protects more than 210 million active user accounts across 3,000 customers and 15,000 websites. The Network is the most comprehensive data repository of its kind, using its real-time analytics to evaluate logins, payments, new account registrations, remote access attempts and other transactions for validity.
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.
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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