ThreatMetrix, the California based SaaS security vendor offering fraud prevention solutions, announced that they have secured Series C round worth $12.1 Million led by Tenaya Capital. This additional funding will help the company expand their product offerings and will also help focus more on customer acquisition. This will also offer them the necessary leverage to expand into newer markets and grow internationally.
Why ThreatMetrix is important?
In this era of cloud based services and social networking services, the threat from the cyberspace has increased manyfold. In order to mitigate the risks, businesses are signing up for fraud detection solutions to minimize their liability. ThreatMetrix is one such vendor with more than 250 customers on board. With ThreatMetrix SaaS based solutions, businesses can get up and running with fraud prevention tools in hours rather than weeks or months. ThreatMetrix is available in monitor only mode and real-time fraud prevention is offered through a SaaS portal and a collection of real-time secure web APIs. These days, such a solution is vital for any business trying to sell their products/services online. By offering a SaaS solution to this problem, ThreatMetrix is helping businesses of all sizes and shapes take advantage of state of the art real time fraud prevention technology at a very low cost. Their solution not only helps secure online commerce, it also helps secure new age technologies like Social Networks, SaaS, etc..
ThreatMetrix Fraud Network operates at three different levels
- It authorizes payment transactions securely in real time, thereby avoiding large scale chargebacks, incorrect credit declines, etc.. ThreatMetrix offers the transaction protection by accessing the risk of the user, the device used, transaction data and historical contextual information to validate each transaction
- It verifies new account creation and reduces loss and also large scale abandonment of accounts
- It offers superior authentication of account logins by detecting problems at the device level and protect against fraudulent access in real time
ThreatMetrix’s biggest advantage is their real time risk scoring and their SaaS solution greatly enhances this advantage. With ThreatMetrix, online vendors can avoid some paranoid security measures they usually use to minimize fraud. Such layers of security usually frustrates users and send them away. ThreatMetrix, while offering a sophisticated real time fraud protection, also allows the website owners to cut down on their paranoia, offering their users a better experience.
Conclusion
Security solutions like ThreatMetrix Fraud Network are crucial to reduce cybercrime in today’s cloud centric and increasingly social world. A report by Javelin Strategy and Research predicted that more than $48 Billion was lost in 2009 to identity fraud, clearly pointing out to huge market for vendors like ThreatMetrix.
