Many e-commerce merchants out there are likely to be very happy indeed after the announcement was made by Vantiv that Litle&Co is to merge with ThreatMetrix. For those of you who are wondering, Litle&Co is a leading e-commerce payment processor and is the favourite of millions. ThreatMetrix, on the other hand, is a popular and growing provider of cybercrime prevention solutions.
As well as merging with ThreatMetrix, Litle&Co are gradually adding more and more advanced tools for e-commerce merchants. This includes device fingerprinting, proxy and VPN detection, IP geo-location, and reputation scoring to detect and prevent emerging fraud attacks. These tools can help merchants to mitigate fraud, especially in card-not-present transactions. The cost and losses of fraud in 2012 to merchants reached a staggering $3.5 billion; it is in the wishes of Litle&Co and ThreatMetrix to reduce this significantly with their advanced tools. Bill Weingart, chief product officer at Vantiv, said, “We’re committed to providing our clients with the latest tools needed to execute a comprehensive fraud strategy. That’s why we enhanced our Fraud Toolkit with ThreatMetrix. Their continuing investment in product innovation and data infrastructure ensures that Litle and its clients can count on protection, not only from today’s threats, but also those that will emerge in the future.”
So, “what’s their secret?” we hear you ask. Although it sounds complex, the truth is actually pretty simple. ThreatMetrix works to correlate a visitor’s typical online behaviour through extensive data and analytics in the ThreatMetrix Global Trust Intelligence Network, or “The Network” as it is also known. Basically, the network provides merchants with an insight into their potential customers’ positive and negative online behaviour, regarding digital personas and previous online behaviours and transactions. It is this information that will help the merchant to authorize an online transaction. ThreatMetrix is essentially stopping cybercriminals in their tracks before they can do anything. With online fraudsters becoming increasingly intelligent as time goes on, e-commerce merchants are doing themselves a huge favour by using this innovative cybercrime prevention solution.
Bert Rankin, chief marketing officer at ThreatMetrix, says, “We are pleased that Litle chose to partner with ThreatMetrix in our continuing efforts to protect merchants against payment fraud. The dynamic and persistent nature of fraud, particularly in the CNP marketplace, makes agility and innovation imperative to its prevention. These shared values form the foundation of both of our companies’ cultures, and we are very excited about this partnership.” Clearly, the merging of Litle&Co and ThreatMetrix is fantastic news for e-commerce merchants across the globe. They have one aim in mind, and one aim only – to stop online fraudsters before they even have the chance.
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