ThreatMetrix Tackles Mobile Commerce Security with New Smartphone Application
Posted June 16, 2009
Innovative Personal Data Privacy and Transaction Automation Solution Ensures Faster, Safer Mobile Commerce Considerations When Evaluating Fraud Prevention Solutions
LOS ALTOS, CA – June 16, 2009 –ThreatMetrix, whose industry leading fraud prevention solutions are being widely adopted across multiple industries, today unveiled a new mobile security application for smartphone users. The first in a series of mobile fraud prevention solutions forthcoming from ThreatMetrix, SafeAndSurf is a web browser that securely stores a smartphone user’s personal data until he or she is ready to sign-on to a social network, execute an online banking transaction, or complete an ecommerce purchase. SafeAndSurf is the only mobile security application to safeguard a smartphone user’s personal information and also allow the user to automatically insert that information to transaction data fields, a combination that allows consumers to shop, bank and play on their smartphones more safely and easily.
Security, On the Go
The number of people using web-enabled mobile phones to access the worldwide web has skyrocketed. This is great for online merchants, financial institutions and social networks but also for criminals who are invigorated by the opportunity to steal personal data from unsuspecting smartphone users. SafeAndSurf defends smartphone users and the companies with whom they do business by using AES 128-bit encryption technology to house the user’s personal data. Thus, if a phone is stolen or hacked the owner’s personal data is not compromised. SafeAndSurf also streamlines mobile transactions by automatically populating transaction fields, reducing ‘fat-finger’ data entry errors and eliminating other manual workarounds such as copying and pasting data at the point of transaction.
“There are plenty of password ‘safes’ for smartphones, but only SafeAndSurf provides the essential convenience and accuracy of automatically populating website purchase forms,” said Reed Taussig, president and CEO at ThreatMetrix. “SafeAndSurf extends ThreatMetrix’ online fraud fighting expertise to the mobile phone so users can safely and easily log into their favorite social networks, email accounts and personal blogs, or make purchases from thousands of websites. We are excited to enter the mobile commerce market and we look forward to protecting consumers and companies as they leverage this massive and growing new commerce medium.”
“When speaking to companies about their fraud prevention plans a word I frequently hear is ‘escalation,’” said Reed Taussig, CEO at ThreatMetrix. “Companies are genuinely concerned over the ability of cyber criminals to disrupt their businesses. This is why three-quarters of executives profiled by Gatepoint Research said they plan to significantly increase the amount of time and money they will spend on fraud management in the coming 18 months.
ThreatMetrix is a pioneer in the booming cyber fraud prevention field. Its second-generation device identification technology, which profiles the device used in an online transaction to stop fraud prior to allowing a cybercriminal to execute a first transaction, is emerging as a must-have tool for online merchants, banks and social networks. CyberSource Corporation (NASDAQ: CYBS), a leading provider of electronic payment and risk management solutions, in its 10th annual online fraud report, noted that 43% of large merchants surveyed rated device fingerprinting/identification as one of the three most effective tools for preventing cyber fraud. SafeAndSurf is a project of ThreatMetrix Labs, a fraud prevention solution incubator managed by ThreatMetrix and supported by customers and partners, and a natural extension of ThreatMetrix’ device identification platform. Future ThreatMetrix mobile security applications will focus on protecting merchants, banks and social networks from fraudulent purchases made on mobile devices by cyber criminals. SafeAndSurf is available today for use on the Apple iPhone and can be downloaded for free at the Apple iPhone App Store. Similar versions of SafeAndSurf will be available soon for users of various BlackBerry, Nokia and T-Mobile G1 smartphones.