Arcot Makes Fraud Prevention Network Available to RiskFort Customers to Share Fraud Data
Stops Fraud Faster with DeviceDNA™ and Gray List Technology
SUNNYVALE, Calif. — July 9, 2009 — Arcot, leader in online fraud prevention, strong authentication and e-Document security, today announced that it is making its vast fraud prevention data resources available as the Arcot Fraud Prevention Network (AFPNet). In addition, Arcot will use its DeviceDNA™ and DeviceID technology as key building blocks for the AFPNet providing tagless and tagged machine identification that will allow Arcot to link potentially fraudulent behavior to the individual device. Devices suspected to be involved with fraudulent activity will be placed on the AFPNet “gray list” and members can use that information instantaneously to quarantine fraudulent behavior. The Arcot Fraud Prevention Network monitors, tracks, quarantines, and blocks suspicious activity automatically across the entire community allowing all of its member organizations to stop fraud faster. Privacy is preserved for both users and organizations and the additional protection is transparent to consumers.
There is no doubt that online identity fraud is growing. Cyber crime networks around the world are collaborating to enhance their capabilities to steal valuable online credentials and information. While individual organizations implement anti-fraud solutions and thwart some attacks, the fraudsters repeat the same attacks across other organizations and channels, taking advantage of the lack of data sharing between organizations.
Arcot uses a consolidated view of the entire network to detect and block suspicious behavior at the individual machine, IP address and payment card levels. Arcot DeviceDNA uniquely identifies individual machines by creating a tagless identifier for the machine. DeviceDNA is associated with individual computers, mobile phones and PDAs and is derived by combining a number of identification factors on each device. Suspicious devices can be tracked and added instantaneously to the Arcot Gray List. All Arcot Fraud Prevention Network members are automatically notified of suspicious and confirmed fraudulent devices, IP addresses, card numbers or merchant IDs. Members can use this information to prevent fraudulent transactions or account access. Because the network sees a variety of channels and industry verticals, trends in one channel or industry can be used to prevent fraud in the others.
“Fraudsters often rapidly propagate very similar attacks against multiple institutions. If these attacks could be detected earlier through real-time shared information, fraud could be significantly reduced. The Arcot Fraud Prevention Network addresses this opportunity by aggregating real-time information about suspicious activity and enabling immediate action to be taken when fraud is detected anywhere among participating organizations in the network," remarked Scott Loftesness of Glenbrook Partners, a Menlo Park, California-based payments consulting firm.
The AFPNet continuously monitors online transactions and online access whether successful, failed, or abandoned. Using analytic techniques AFPNet generates suspicious end point lists whose relevance changes over time. AFPNet scans for suspicious behavior within and across all participating organizations to identify criminal activity so that a fraud attempt at one organization can put other organizations on alert before they are hit with the same fraud. The AFPNet can also incorporate information from other online and offline fraud prevention tools. Case management tools allow a fraud analyst to identify suspicious activity, update risk policies, incorporate fraud data into other applications and provide truth data back into the network.
“Arcot has been in the business of helping our customers fight fraud for nearly 12 years. Our hosted service contains a wealth of information about internet attacks and we have used that data to improve our products”, said Ram Varadarajan, President and CEO of Arcot. “Our customers have urged us to expand our offering by sharing data across a broader community. The Arcot Fraud Prevention Network extends the capabilities of Arcot authentication services by sharing the data among its members and automatically implementing community-wide fraud prevention measures.”
The Arcot Fraud Prevention Network is open to all Arcot RiskFort risk-based authentication customers. Members agree to permit Arcot to collect and share transaction data anonymously, supply truth data and allow individual policies and rules to apply across the network. There is a fee for member participation.
About Arcot
Arcot authentication and digital signing solutions make Web transactions and online access safe for millions of consumer, enterprise and e-Commerce users. With Arcot solutions, organizations can transparently deploy stronger authentication without changing user behavior or deploying expensive hardware. Arcot fraud prevention, strong authentication, and e-Document security solutions are delivered in-the-cloud or on-premise providing the right balance of cost, convenience and strength.
For more information, visit www.arcot.com.
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