ThreatMark behavioral biometrics draw repeat Gartner recognition for online fraud detection
The 2021 Gartner Market Guide for Online Fraud Detection lists ThreatMark as a ‘Representative Vendor,’ marking the second consecutive recognition of the company’s behavioral biometrics in the annual guide.
Gartner emphasizes in the report that online fraud detection is a foundational technology for transacting in B2C digital channels.
“We consider that being named a Representative Vendor in the Online Fraud Detection by Gartner for both 2020 and 2021 is a great testament that our technology and unique approach in preventing online fraud is well received and assessed by the market-leading analysts,” states ThreatMark CEO Michal Tresner in a company announcement. “And it’s a welcomed wind in the back for us as we continue to make further investments in our R&D and market expansion. There’s still a good deal of work ahead of us, and many challenges on the way – and the entire team is looking forward to solving these while building the most advanced fraud prevention solution on the market.”
The report outlines the span of online fraud detection capabilities applied during a typical online customer journey. This includes bot mitigation, device ID and telemetry, behavioral biometrics and transaction and event monitoring beginning with the account opening process, and the latter two extending through logins and into account actions, concluding with payments or other transactions.
Despite the apparent simplicity of the concept, the digital customer journey includes a complex series of steps with a range of challenges compounded by customers’ expectations for smooth experiences across devices, according to ThreatMark. The company addresses those challenges by collecting and analyzing hundreds of data points, from device parameters to transaction details and behavioral biometrics, with its artificial intelligence-powered engine, throughout the customer journey.
“Our core vision, from the start, was to move away from the cat-and-mouse game with the fraudsters and change the way how fraud is fought in banks,” says Kryštof Hilar, CTO of ThreatMark. “Our mission of Bringing Trust to The Digital World emphasizes the necessity to protect and secure the users within the entire customer journey – from the moment they open the banking application until they log out. We score user’s actions, behavioral patterns, transactions, navigation…, every little detail that helps us build a trusted user behavior profile that cannot be faked or hacked, or misused. This way at any step of the user experience, we can precisely detect any anomalies in the behavior – and use that insight to provide actionable decisions.”
ThreatMark Sales Director Ota Čermak says the company is working on expanding into new verticals where its digital fraud detection technology adds value.