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Posted January 21, 2010
$1.1 Billion U.S. Online Dating Industry Under Attack from Predatory Scammers According to ThreatMetrix CEO
LOS ALTOS, CA–January 21, 2010–ThreatMetrix™, the market and technology leader in device identification for preventing online fraud, today announced that it will be exhibiting in Booth 506 at iDate, the Internet Dating Conference, January 27 – 29, in Miami, Florida. The Internet Dating Conference is the largest trade show for the online dating, matchmaker and social networking industry.
Online dating and matchmaking is over a $1.1 billion dollar industry in the U.S. alone, according to IBISWorld (www.ibisworld.com), the world’s largest independent publisher of U.S. industry research. Not only does today’s online dating market attract people looking to meet, unfortunately it also attracts scammers, both foreign and domestic, who use fake profiles, hiding their true identities, to persuade unsuspecting members to send money, credit card information or other confidential information.
“The online dating and matching market is under attack from the predatory practices of online scammers,” said Reed Taussig, president and CEO, ThreatMetrix. “Online dating executives recognize this and are turning to solutions like ThreatMetrix to provide a systematic and reliable way to identify fraudsters and make sure that once identified, they can’t return to their dating sites. In doing so, they create a more positive user experience and protect the integrity of their online brands where word of mouth recommendations and customer satisfaction remain the primary drivers for acquiring new customers and retaining existing ones.”
ThreatMetrix will be showcasing its award-winning online fraud detection and prevention solution that leading dating sites such as Date.com, Chellaul Corporation and EDating for Free, Inc. (parent company of Christian Dating for Free, Catholic Dating for Free, and Black Christian Dating for Free) utilize in three key areas of fraud risk: customer authentication (account origination/creation); transaction authentication (payments) and user authentication (log-ins).
“We were struggling with handling online fraud as we were always in reactive mode, dealing with relentless repeat fraudsters. With ThreatMetrix, we are now able to proactively deal with repeat fraudsters, without seriously disrupting the customer experience,” said Samuel Bates, co-founder and CTO at Chellaul Corporation, a leader in niche dating sites. “What makes ThreatMetrix fraud prevention solutions so special is that we’re able to nab a higher percentage of fraudsters without compromising customer safety, privacy, or the integrity of communications with other members. The reality is, consumers have many choices when it comes to which dating sites they use. The key to keeping users coming back is providing a smooth and secure customer experience – and that’s what ThreatMetrix is helping us to deliver.”
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.