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Device Fingerprinting to Fight Real-time Transaction Fraud |
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Source: Forbes - Posted by Anthony Pell
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On Tuesday ThreatMetrix unveiled its new cloud-based transactional fraud network. Using its global database of device fingerprints—unique details about the PC, mobile phone or other Internet connecting device--the company says it can detect fraudulent transactions without the need for acquiring personally identifiable information. By correlating incoming TCP/IP information with its database, for example, the company was recently able to identify and stop one malware-infected computer from making an online transaction.
ThreatMetrix, a Los Altos, California-based company, has been working on its fraud network for four or five years, says Alisdair Faulkner, chief product officer at the company. What’s different from other transaction-based fraud networks is that ThreatMetrix uses device fingerprinting not necessarily transaction details for its fraud detection, providing a new set of tools for organizations to verify new accounts, authorize payments and transactions, and authorize user logins. Faulkner describes the new network as “fraud middleware” in that it is designed to complement and integrate with existing fraud solutions.
It is very different from the approach taken by other transactional fraud networks such as ID Analytics, a San Diego, California-based company that uses data mining of consumer purchases to address identity fraud. By collecting transaction data, ID Analytics says it can profile a customer’s typical purchasing behavior and flag an abnormal transaction as a possible fraudulent transaction. Unlike the credit bureaus which look at static elements of a person’s profile (SSNs or open accounts) transactional fraud networks look at the live transaction data instead.
Read this full article at Forbes
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