ThreatMetrix: Safeguarding Personal Identity
Asserting true identity of immigrants and allowing them to step into one’s country poses great risk and cutting-edge technologies employed to morph identities challenges a state’s security fortitude. Helping a government immigration agency to scan true identity and determine the risks associated with accepting each online applicant, ThreatMetrix—a digital identity company enduring to mitigate cybercrime successfully achieved accurate identification of applicants before the application process. The company’s solutions enabled the agency to minimize fraud applications in the initial stage, identify and flag anomalous behaviors, and activities without alerting the applicant, thus empowering the agency to gain a clear view on applicants and process applications efficiently.
The company cites the necessity of a stronger network to mitigate cybercrime and has built ThreatMetrix Digital Identity Network. ThreatMetrix harnesses the power of global shared intelligence from millions of digital consumer interactions such as logins, new account applications, and payments to create a unique digital identity for each user. The unique identity is created by analyzing numerous connections between devices, locations, and anonymized personal information that helps counter global cybercrime. “ThreatMetrix has a market-leading fraud solution that can protect your business from account takeover. The ThreatMetrix Cybercrime Protection Platform adopts a layered approach to effectively identify up to 95 percent of returning customers, reducing friction and fraud,” says Reed Taussig, President and CEO, ThreatMetrix.
The Digital Identity Network comprises of two key components such as Digital Identity Intelligence and Dynamic Decision Platform. The Digital Identity Network leverages advanced behavioral analytics and machine learning algorithms to accurately authenticate users and assess risk based on actual history captured globally. It’s Identity Intelligence combines device identity, location information, user identity, and real-time threat detection to safeguard clients against cyber threats across devices used for transactions.
ThreatMetrix’s industry solutions secure a wide range of industries including banking and brokerage, e-commerce, electric power, government, healthcare, insurance, media, telecommunications, and transport
The Dynamic Decision Platform integrates key elements such as integration and orchestration, smart analytics, and decision management to deliver powerful analytics, visualization, and decision management tools to fraud and risk managers for smarter fraud detection in real-time.
ThreatMetrix’s recent Cybercrime report throws light on growing cyber attacks and its impediments created by financial organisations that are increasingly targeted by cyber criminals. ThreatMetrix, with an array of solutions, tries to address the cybercrime challenge by passively authenticating and detecting latent threats from malware and Trojans hidden on the devices utilized for digital interactions. The fraud prevention solution enables customers to defend against account takeover, new account fraud, and payment fraud in real-time. The solution identifies normal and abnormal usage patterns to recognize returning customer and a cyber criminal. The company’s authentication and authorization solutions build a comprehensive digital identity to validate user by combining device information, behavior patterns, and threat intelligence. This allows users to have a frictionless experience and comply with regulations across industries.
ThreatMetrix’s industry solutions secure a wide range of industries including banking and brokerage, e-commerce, electric power, government, healthcare, insurance, media, telecommunications, and transport. Assets of critical infrastructures can be managed online via process control systems (PCS) and supervisory control and data acquisition (SCADA) systems. The clientele list includes companies such as Lloyds Banking Group, StubHub, Rabobank, TD Bank, and GoPro.
Furthermore, the company intends to enhance its existing solutions delivering end-to-end identity, fraud, and authentication orchestration through an advanced decision platform. Enhancements in the release include Case Management for dynamic optimization of fraud decision, latest Digital Identity Verification capabilities, and a strong Customer Authentication framework to boost mobile offerings and comply with upcoming PSD2 requirements.