Entrust Placed in Leaders Quadrant in Research Firm’s Latest Fraud Detection Study
DALLAS, Jan. 28 /PRNewswire/ — As advanced malware and man-in-the-browser attacks continue to defraud consumers, businesses and financial institutions, the need for appropriate fraud detection and strong authentication is at an all-time high. A trusted security vendor that specializes in thwarting online fraud, Entrust, Inc., has been positioned in the leaders quadrant of Gartner Inc.’s 2010 Magic Quadrant for Web Fraud Detection.(1)
“Organizations with high-risk applications and sensitive customer data must look for vendors and technology that can fend off increasingly sophisticated and unpredictable attacks, such as the current round of man-in-the-browser attacks,” said Gartner analyst Avivah Litan in the firm’s latest Magic Quadrant for Web Fraud Detection.
Gartner’s Magic Quadrant for Web Fraud Detection named Entrust as a leader based on its “ability to execute” and the company’s “completeness of vision.” The study placed 11 Web fraud detection vendors into four different quadrants — leaders, visionaries, challengers and niche players. The report is an unbiased, qualitative evaluation of the 11 vendors in the specific Web fraud detection market (i.e., providers of products and services that may help detect and prevent online fraud).
“There’s never been a more important time for financial institutions to deploy online fraud detection technology alongside strong authentication solutions,” said Entrust President and CEO Bill Conner. “In my opinion, this report is further affirmation that our strategic approach to addressing online fraud — including our ability to catch the very challenging man-in-the-browser attacks — is not only effective, but attractive to real-world customers with critical security needs.”
And while large financial institutions seem to be the most likely targets, criminal groups are even targeting small- to mid-sized banks, government agencies and businesses. According to one report, the past two years have seen the FBI investigate more than 200 online fraud cases that have totaled more than $100 million in fraudulent transfers — $40 million of which is still unaccounted for.(2) Further, there are current legal cases pending between banks and businesses that argue who is responsible for the fraud losses, making the issue top-of-mind for all involved.
Global organizations continue to defend against malicious fraud techniques that evolve at an increasingly rapid rate. These targeted groups seek methods to help stop persistent fraud attacks on invaluable information, customer identities and brand image. Comprehensive fraud detection solutions — ideally collaborating with a strong authentication platform — monitor and profile all ongoing user behavior, a critical component to detecting and defending against the latest in malware and man-in-the-browser attacks.
According to Gartner, Magic Quadrant “leaders” are “vendors with well-established records in fraud detection. They have earned high scores from many of their customers for their ability to effectively stop fraud while minimizing inconvenience to end users. These vendors are financially able to expand through acquisitions as well as global marketing and business development efforts. They have a commitment to staying in and winning in this market and to developing their products and services to meet evolving customer needs. They have also demonstrated that they can support markets in different parts of the world, other than their home country. Still, even these market leaders have much work to do in improving their products, services and customer support.”(1)
Entrust TransactionGuard transparently monitors and profiles user behavior to identify anomalies, automatically learning what is normal for that user, and then calculating the risk associated with a particular transaction — all seamlessly and in real time. Unlike competitive offerings, Entrust TransactionGuard can analyze all points of interaction with the user on the Web site without backend application modification, allowing organizations to gain a complete picture of potentially fraudulent behavior using intuitive case-management and reporting features.
Entrust enables organizations to layer security — according to access requirements or the risk of a given transaction — across diverse users and applications. Entrust’s authentication capabilities include username and password, IP-geolocation, device, questions and answers, out-of-band one-time passcode (delivered along with transactional details via voice, SMS or e-mail), grid and eGrid cards, digital certificates (in software or on smart cards/USB Tokens) and a range of one-time-passcode tokens. Entrust also provides multiple methods of supporting mutual authentication, including picture and caption replay as well as Extended Validation (EV) SSL certificates.
Leading financial institutions, enterprises and government agencies have deployed some combination of Entrust’s consumer authentication and fraud detection solutions, including DnB Nor, Expedia, Commerce Bank, Bank of New Zealand, Banco Santander Santiago, Goteborg University, Ministry of Economic Development of New Zealand, SCHUFA, Arbetsformedligen, Alaska Law Enforcement Information Sharing System, Vejle Amt, Aristex, Swedish National Labor Market Administration, Skanska and more.
Entrust provides trusted solutions that secure digital identities and information for enterprises and governments in 2,000 organizations spanning 60 countries. Offering trusted security for less, Entrust solutions represent the right balance between affordability, expertise and service. These include SSL, strong authentication, fraud detection, digital certificates and PKI. For information, call 888-690-2424, e-mail firstname.lastname@example.org or visit www.entrust.com.
About The Magic Quadrant
The Magic Quadrant is copyrighted 2010, by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in The Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
(1) “Magic Quadrant for Web Fraud Detection,” Avivah Litan, Gartner, Inc., January 26, 2010.
(2) “Cybercrooks stalk small businesses that bank online,” Byron Acohido, USA TODAY, January 13, 2010.
Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks or registered trademarks of Entrust, Inc. or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.
SOURCE Entrust, Inc.