Evaluation based on ability to execute and completeness of vision.
41st Parameter, the global leader in securing online relationships, today announced it has been positioned by Gartner, Inc. in the ''Leaders'' quadrant of the ''Magic Quadrant for Web Fraud Detection'' report by Avivah Litan and Peter Firstbrook, published May 30, 2013. 41st Parameter was one of 15 companies included in the report and one of 4 companies cited as Industry ''Leaders.''
According to the report, the web fraud detection market grew about 48% in 2012 to $450 million, as ''interest expanded across sectors and countries'' and ''cybercriminals continue launching successful targeted attacks for financial gain.'' The report went on to say that ''Innovation in fraud prevention methods is imperative because thieves are increasingly circumventing old techniques, such as device identification.''
A number of industries were identified as primary adopters of web fraud technology. ‘‘Financial services, online commerce and online retail firms continue to be the main adopters of web fraud detection products, but adoption has readily expanded to the social, travel and gaming industries.’‘ In the report Litan and Firstbrook also explained that data has a key role to play in reducing fraud: ‘‘increasing the type of information used to profile users and fraudulent activity, improving the mapping of good behavior to enhance accuracy, including analytics capabilities and extending web fraud detection functionality to mobile devices.''
The companies selected for inclusion in the report were evaluated on two criteria: ability to execute (which includes an emphasis on a company’s product and service, its overall viability and its customer experience) and the completeness of vision (which was weighted on a company’s market understanding, its product strategy and its innovation).
‘‘We appreciate being recognized as a ‘‘leader’‘ by Gartner, and believe our positioning has been validated in the last year by the success we have demonstrated for our new and existing clients,’‘ said Alan Naumann, chief executive officer of 41st Parameter. ‘‘This achievement illustrates our ongoing commitment to innovation and scalability to help meet the evolving fraud prevention needs of companies around the world.''
41st Parameter protects some of the most valued brands in the world including many of the largest global banks, airlines and online retailers. The company’s fraud prevention solutions protect businesses from fraud before it happens. FraudNet safeguards transactions through account takeover detection to pre-empt attacks before assets can be stolen from a compromised account. FraudNet also detects fraudulent account openings to prevent the creation of new staging accounts for future attacks. Finally, FraudNet screens monetary transactions to identify compromised financial account data, such as stolen credit cards. Unique strengths of FraudNet include:
• Proven, scalable SaaS risk engine currently processing more than 500 million events each month
• Industry-leading fraud detection rates of 85-95%
• An average of 2%–5% manual review (versus 24% industry average) in eCommerce & Travel
• ROI recognition in as quickly as 90 days
About 41st Parameter
In a world where people are increasingly reliant on a variety of Internet-connected devices for everything from banking to shopping to entertainment and media, creating relevant customer experiences and preventing online fraud are constant business challenges. 41st Parameter, the global leader in device recognition and intelligence, combines patented technologies and years of expertise to identify devices without cookies, without compromising privacy and without impacting performance. AdTruth, the digital media division, gives marketers a better way to recognize and reach their most valuable audiences across all types of devices. The company’s FraudNet platform protects businesses from online fraud before it happens. The TrustInsight™ Network enables online merchants to increase sales by approving more trusted transactions. These privacy compliant solutions help keep the Internet more secure and relevant for everyone.
About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.