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Posted August 26, 2014
Retailers Without Real-Time Trust Analytics Must Brace Themselves for the Holiday Shopping Surge
San Jose, CA – August 26, 2014 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced security strategies for e-retailers to implement in conjunction with this holiday shopping season’s biggest trends. As holiday shopping continues to evolve and spending grows each year, ThreatMetrix recommends e-retailers have a strong security strategy with shared customer intelligence in place prior to this holiday season.
According to the National Retail Federation, total 2013 holiday retail sales – which include November and December – increased 3.8 percent over 2012 to $601.8 billion. If this year’s holiday sales continue to grow at the same rate, retailers will be a prime target for cybercriminals in the 2014 holiday shopping season.
“Holiday shopping keeps coming earlier and earlier each year, with many e-retailers beginning to run holiday sales even before Thanksgiving,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “With less than four weeks between Black Friday and Christmas this year, e-retailers will experience an incredibly high number of transactions in a short period of time – and without the bandwidth to manually inspect every order, there will be a higher reliance on automated solutions. The question is ‘how many good customers get caught in the net this year?’”
In December 2013, retailers and customers alike were shaken by the Target data breach, which exposed credit and debit card information of almost 40 million Target customers during the busiest holiday shopping month. Earlier this month, a Russian crime ring allegedly gained access to 1.2 billion username and password combinations and more than 500 million email addresses. This crime should be of particular concern to e-commerce sites, where this fraud ring can use these masses of stolen credentials during the holiday shopping season to cash in through card-not-present transactions, account takeover and financial fraud. Retailers who do not have the proper security strategies in place prior to this holiday season are putting their businesses and customers at risk.
To help retailers maintain a positive customer experience during the holidays without sacrificing security, ThreatMetrix has outlined several holiday shopping trends retailers will see this season and what each means for their security strategies. These include:
“While stopping fraud is essential, the primary goal for most retailers this season is maintaining a frictionless user experience for good customers,” said Faulkner. “Retailers need cybersecurity systems in place that are as good at recognizing good customers as they are at stopping fraud, and the best way to do this is through anonymized shared intelligence.”
To help retailers accurately identify good customers while keeping cybercriminals at bay during the holiday shopping season, the ThreatMetrix ™ Global Trust Intelligence Network (The Network) protects against account takeover, card-not-present and fraudulent account registration by processing transactions using shared intelligence that provides predictive analytics to protect online businesses and reduce customer friction.
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, malware, and data breaches. Underpinning the solution is the ThreatMetrix® Global Trust Intelligence Network, which analyzes over 500 million monthly transactions and protects more than 160 million active user accounts across 2,500 customers and 10,000 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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