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Posted April 26, 2011
The Magic Quadrant Serves as an Evaluation of Vendors in the Online Fraud Detection Industry Based on Completeness of Vision and Ability to Execute
LOS ALTOS, CA – April 27, 2011 – ThreatMetrix™, the fastest growing provider of fraud prevention solutions that do not require personally identifiable information (PII), announced today that it has been positioned by Gartner, Inc. in the “Visionaries” quadrant of the “Magic Quadrant for Web Fraud Detection.” 1.
“The Web fraud detection market provides technology that addresses online threats head on,” reports Avivah Litan, vice president and distinguished analyst, Gartner. “Demand for Web fraud detection software and services are at an all-time high,” she added. “We expect the next 18 months to be just as dynamic in terms of the Web fraud detection vendor landscape as the past months were.”
Gartner specifically describes Visionary companies as offering products that are “relatively easy to implement (when compared with many of their competitors) and have achieved very good results in reducing online fraud for their clients, often using software-as-a-service (SaaS)-based models. Often, they are more innovative than their competitors and tend to offer superior customer service, which they can afford to do, given their smaller customer base and their dedication solely to fraud detection.”
Gartner’s Magic Quadrant analysis goes on to say that an increase in cybercrime in 2010 led the Web fraud detection industry to grow by 35%. “Hackers and criminals continue attacking financial services and retail firms, and are increasingly reaching into other sectors, such as healthcare, insurance, government, small businesses, Internet service providers, security firms, defense contractors and technology companies,” Gartner analysts write.
“We consider ThreatMetrix’s position in the ‘Visionaries’ category of the Gartner Magic Quadrant to be a solid testament to our recent growth and success as a market-leading provider of fraud prevention solutions,” said Reed Taussig, president and CEO, ThreatMetrix. “We plan to continue innovating our fraud detection tools and offerings to remain a forward thinking and lucrative company in this competitive industry.”
About the Magic Quadrant
The Magic Quadrant is copyrighted 2011 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
1.Gartner “Magic Quadrant for Web Fraud Detection” by Avivah Litan, 19 April, 2011.
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.