ThreatMetrix Momentum Accelerates for Full Year 2016
Posted January 17, 2017
SAN JOSE, California – (January 18, 2017)
Prevents half a billion fraud cases; protects consumer from $15 billion in global fraud loss
ThreatMetrix®, The Digital Identity Company®, today announces key 2016 results reflecting acceleration across business operations and customer performance. Among the highlights, the ThreatMetrix Digital Identity Network® prevented more than 500 million attacks last year on 20 billion transactions conducted by 4,500 ThreatMetrix customers — thereby saving $15 billion in fraud losses.
In 2016 the ThreatMetrix Digital Identity Network:
- Analyzed transactions arising from 4.5 billion devices — more than a third of which were mobile
- Protected 1.4 billion online accounts — a significant proportion of the global internet population
- Prevented 1 billion bot attacks and 500 million fraud attacks
2016 was the strongest year in company history for serving global financial institutions. ThreatMetrix now works with many of the world’s top global banks, including the top UK and Canadian banks, and many of the top US banks. In 2016, 55% of new ThreatMetrix customers were financial institutions. Growth across additional industries was strong, with newer verticals such as government, healthcare and insurance adding to the established large footprint in ecommerce and finance.
Technology and Product Innovation
ThreatMetrix attributes its 2016 success to the increased depth and breadth of its solutions. Early in the year, ThreatMetrix unveiled its Digital Identity Graph®, a data science innovation that maps billions of online associations to establish anonymized digital identities across the Internet.
ThreatMetrix customers are seeing up to 80% reductions in fraud losses over one year after implementing new capabilities such as Smart Analytics — which combines artificial intelligence with behavioral-based analytics.
Other significant developments from 2016 include the Decision Management Portal, an Integration Hub and a new mobile software development kit (SDK). In December ThreatMetrix was awarded two new patents for fraud prevention and authentication.
“ThreatMetrix has successfully transitioned from being a world-class data source for fighting fraud to a comprehensive platform that drives critical customer authentication decisions for today’s digital business,” says ThreatMetrix CEO Reed Taussig.
Building off the mid-year results announced in July, ThreatMetrix continues to grow company billings and GAAP revenue at a greater than 50% rate.
- Strong geographical expansion across the Americas, EMEA and APAC
- Strongest year in ThreatMetrix history for new customer acquisition
- Deeper penetration with existing customers, with organizations leveraging multiple use cases and adopting new product features
According to Cybersecurity Ventures the cost of cybercrime could exceed $6 trillion by 2021 — a 100% increase over 2015. ThreatMetrix is already seeing a 40% rise year over year in the number of attacks detected on behalf of customers.
“The $30 million mezzanine growth capital round announced in 2016, will be used to expand the company’s global data center footprint, stimulate sales and marketing for new markets — particularly in Asia — and strengthen business operations into 2017,” Taussig says.
To enable its global expansion, ThreatMetrix will also open an additional data center in Reykjanesbaer, Iceland, in early 2017. The 100% green, sustainable data center, powered by geothermal and hydroelectric sources will meet legislative requirements, as well as the high environmental standards ThreatMetrix sets for itself.
After a successful Digital Identity Summit in Palos Verdes, California in October, ThreatMetrix is expanding the popular annual event to three global cities in 2017: April 5-6 in Hong Kong, June 12-13 in London, and September 18-20 in San Francisco. Summit 2017 will bring together thought leaders and industry experts to address how digital businesses can thrive in today’s economy by understanding and leveraging trusted identities. Registration is now open at https://digitalidentitysummit.com/
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 4,500 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.
© 2017 ThreatMetrix. All rights reserved. ThreatMetrix and the ThreatMetrix logo are trademarks or registered trademarks of ThreatMetrix in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
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