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41st Parameter Recognized as an Industry Leader in the Magic Quadrant for Web Fraud DetectionThe Company's Position Is Based on Their Ability to Execute and Completeness of Vision (June 01, 2012)
SAN JOSE, CA -- (Marketwire) -- 06/01/12 -- 41st Parameter, the global leader in fraud detection and prevention, 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, published May 29, 2012. 41st Parameter was one of 15 companies considered and among four cited as Leaders.
41st Parameter protects some of the most valued brands in the world including the largest global airlines, banks and online retailers. The FraudNet platform protects businesses from fraud before it happens. FraudNet solutions safeguard the three most vulnerable transactions through 1) account takeover detection pre-empts attacks before assets can be stolen from a compromised account, 2) detection of fraudulent account opening that prevents the creation of new staging accounts for future attacks, and 3) identification of stolen financial account data, such as stolen credit cards.
Unique strengths of the FraudNet platform include:
- Proven, scalable SaaS risk engine currently processing 500 million events each month
- Industry-leading fraud detection rates of 85-95%
- An average of 2%-5% manual review (versus 24% industry average)
- ROI recognition in as quickly as 90 days
"We believe our position in the Leaders quadrant in 2012 is yet another confirmation that 41st Parameter has a unique and very powerful approach to preventing and detecting on-line fraud," said Alan Naumann, chief executive officer of 41st Parameter. "We appreciate the recognition, and are happy that we are seen in the industry as a Leader in terms of both execution and our vision. We feel this also illustrates our ongoing commitment to innovation and scalability to meet the evolving fraud prevention needs of companies around the world that want to enable their customers to transact via the web."
According to the report, "The web fraud detection market grew about 25% in 2011 as unrelenting cyberattacks and data breaches persisted and need for fraud prevention escalates." Key trends driving market growth include the "rapid movement and changing nature of hacker attacks" and "thousands of financial malware variants." "Many US and European financial institutions report that anywhere from an average of 2% - 6% of their customers' desktops are infected with financial malware." The need for continuous and ongoing innovation is critical as "large technology companies that gained WFD software through company acquistions took a back seat in terms of innovation, agilty and responsive customer service," as Avivah Litan reported.
The companies selected for inclusion in the report were evaluated on two criteria: their 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 its vision (which was weighted on a company's market understanding, its product strategy and its innovation).
About 41st Parameter
In a world where people are increasingly reliant on a variety of internet-connected devices for everything from banking to booking travel to shopping, preventing online fraud and creating relevant customer experiences are constant and complex business challenges. 41st Parameter, the global leader in device recognition and intelligence, combines its patented technologies and years of expertise to identify devices without cookies, without compromising privacy and without impacting performance. The company's FraudNet platform protects businesses from fraud before it happens. AdTruth, the company's digital media division, gives marketers a new and better way to recognize and reach their most valuable audiences across all types of devices. These privacy compliant solutions help keep the Internet more secure and relevant for everyone. To learn more about 41st Parameter visit www.the41st.com. To learn more about digital media solutions from AdTruth visit www.AdTruth.com.
About the Magic Quadrant
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