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Posted February 11, 2010
New Report Says 45% of Large Merchants Plan to Add Device Fingerprinting Technology Solutions in Next 12 Months
LOS ALTOS, CA–February 11, 2010–ThreatMetrix™, the fastest growing provider of device identification solutions for preventing online fraud, today announced it will demonstrate new fraud prevention solutions for etailers at the Merchant Risk Council e-Commerce Payments and Risk Conference, March 16 – 18, in Las Vegas. On display in Booth 604 will be fraud prevention solutions that extend ThreatMetrix’ leadership position in device identification, a technology that leverages the “fingerprint of a computer” to determine if an online transaction is legitimate or fraudulent.
Etailers hit hard by the economy are also struggling to prevent online fraud. According to CyberSource, a leading provider of electronic payment and risk management solutions, merchants in the U.S. and Canada are estimated to have lost $3.3 billion in 2009 due to online fraud. Etailers are responding by aggressively adopting new technology, but most solutions authenticate transactions based on customers’ personal information, which thieves are well-adept at stealing. Only device identification technology, which ThreatMetrix has been developing for five years, protects consumers’ privacy while enabling hassle-free transactions.
Device identification (otherwise known as device fingerprinting) is ideal for the world’s largest etailers, and many are evaluating these solutions already. In the 2010 CyberSource 11th Annual Online Fraud Report, almost half (45%) of the large merchants surveyed said they are planning to add a device fingerprinting solution in the next 12 months. Per the report, device fingerprinting “can aid in flagging fraud attacks where a variety of fraudulent orders are launched from a common device or set of devices.” These attacks frequently are perpetrated by international fraud syndicates using stolen customer information and credit card data.
“The huge interest we experienced at last year’s annual MRC conference sparked a great 2009 for ThreatMetrix,” said Tom Grubb, vice president of marketing, ThreatMetrix. “With even more etailers putting device identification at the top of their priority list for 2010 we expect to see even greater interest in ThreatMetrix this year.” ThreatMetrix has become the fastest growing provider of device identification solutions for preventing online fraud through a combination of rapid technology innovation, strategic partnerships and customer satisfaction. In 2009, more than 100 companies including many prominent etailers joined the ranks of ThreatMetrix customers.
ThreatMetrix (www.threatmetrix.com) helps companies control online fraud and abuse in real time so they can significantly reduce on-line fraud, acquire more customers faster, reduce costs, and increase customer satisfaction. ThreatMetrix profiles the device used in an online transaction so companies can determine whether the users are fraudsters or customers. ThreatMetrix’ simple and cost-effective SaaS approach to implementation enables companies to get results in hours or days, rather than weeks or months. ThreatMetrix serves a rapidly growing customer base in the U.S. and around the world across a variety of industries including online retail, financial, social networks, and alternative payments.