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Posted February 16, 2010
Controlling Fraud through Device Identification Seen as Alternative to Burdening Customers with Providing Personally Identifiable Information
LOS ALTOS, CA–February 16, 2010–ThreatMetrix™, the fastest growing provider of device identification solutions for preventing online fraud,today announced that Trust Who LLC, a major payment processor for intangible goods for game publishers, has selected ThreatMetrix to control online fraud and abuse.
According to Marcus Eikenberry, managing director, Trust Who, the sales and transfer of online goods is typically fraught with issues of fraud and culpability. With no physical package to receive, buyers and sellers operate at their own risk. The value of any online intangible good is wholly dependent on the reliability and trust between buyer and seller.
“We work in a market with one of the highest fraud rates in the world – intangible goods of video games,” said Marcus Eikenberry, managing director, Trust Who. “We have to get very aggressive on fraud. If we do nothing, we could see fraud rates of up to 50%.” When orders come in to Trust Who, they show up on a pending page, where they are analyzed, scored, and flagged for suspicious anonamolies such as device identification. With the intelligence data gathered from ThreatMetrix, Trust Who determines the web visitor’s true IP address – even those using a hidden proxy – and utilizes the data for fraud screening analysis.
In a typical customer scenario, Trust Who customer service representatives contact first time customers anywhere around the world within 20 minutes of placing an order to determine that that they are the owners of the payment method being used. But according to Eikenberry, some customers – particularly international – are reluctant to provide personally identifiable information.
“If we could remove calls to customers, that would be our end goal,” said Eikenberry. “Unfortunately, we can’t. One of the largest expenses in any company is payroll. Anything we can do to avoid hiring additional customer service representatives translates into more profits. Time is money. ThreatMetrix helps us save money by reducing our order processing decision-making and investigation time. It saves us at least a minute on every order because it provides us with non-personally identifiable information we wouldn’t have otherwise. When you process 500 to 1,000 orders a day that adds up.”
“Companies like Trust Who are increasingly turning to ThreatMetrix solutions to help them transact e-commerce safely and profitably around the world by keeping the fraudsters out,” said Reed Taussig, president and CEO, ThreatMetrix. “And when time is money, ThreatMetrix can increase their operational efficiencies by accelerating order processing times making for a good online customer experience and encouraging repeat business.”
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.