Governance, Risk & Compliance

Governance, Risk & Compliance

March 20, 2012

41st Parameter's SafeSession Technology Named as a Finalist for Merchant Risk Council Emerging Technology Award

Provider of device recognition and comprehensive online fraud protection, 41st Parameter, announced that its patented SafeSession technology, a core element of the company's FraudNet platform, has been named a finalist for the Merchant Risk Council's (MRC) 2012 MRC Emerging Technology Award (METAward).

41st Parameter addresses a range of potential fraud threats like session hijacking, man in the middle (MITM), man in the browser (MITB), malware infections, Trojan attack, browser tampering and those conducted with no device involved.

The company has been developing new approaches to challenge the  threat of fraud. Every year, FraudNet protects more than six billion transactions for ecommerce companies, financial institutions and airlines.

The anonymity of the Internet makes it more difficult than ever to know the customer. Unfortunately, the tools available to assist merchants in understanding the risk of any given transaction are rudimentary at best. FraudNet is a powerful application capable of analyzing every e-commerce transaction and determining the level of risk represented by the choice to fulfill it. 

"Unfortunately, risk never sleeps, thankfully, we don't either. We have poured more than 150 man years into the development of new and better ways to foil fraud; and the MRC judges have recognized our efforts. The global threat for fraud isn't going away but we have managed to stay one step ahead of the bad guys. And we've done it in a way that hasn't just radically reduced fraud, it's done so without imposing the high levels of false positives or need for manual review that have plagued many alternate approaches," says Ori Eisen, 41st Parameter's chief innovation officer.

41st Parameter can correlate device information with visibility for data that enables new possibilities for more effective fraud prevention. The engine also looks across channels allowing it to observe if a user is attempting to attack whether through an online site, a kiosk, a mobile application or a call center. The patented DataSpider and SketchMatch link analysis technologies from 41st Parameter, identifies a user attempting to process a fraudulent transaction through a call center with no device present.

Many banks have depended on strengthened verification systems. Yet these are easily bypassed through readily available stolen information. At the same time, online activity is only increasing. The largest 27 banks report 475,000 new account openings online per month. This means fraud teams must work faster and more productively to keep up.  FraudNet is a powerful application capable of analyzing every new account opening and determining the level of risk represented by the choice to fulfill it. Designed on the premise that good customers rarely attempt to deceive banks as to their true identity, FraudNet sees through data available in an Internet transaction for signs of intentional deception. Once a suspicious transaction is flagged, FraudNet provides investigators with powerful tools to rapidly assess the transaction and determine whether the risk of fulfillment outweighs the potential profit. 

Edited by Chris Freeburn

blog comments powered by Disqus