In a partnership designed to protect online customers from attacks, digital security providers ThreatMetrix and Gemalto will provide holistic authentication options to an array of financial services providers.
The companies say banks, payments providers, card networks, international payment transfer companies and fintech companies can benefit from the use of the ThreatMetrix cloud-based, risk-based Digital Identity Network combined with Gemalto's digital authentication software.
The services will allow companies and financial institutions to deploy the entire spectrum of risk-based and strong digital authentication techniques.
“Authenticating digital identities has become essential for the financial services industry,” Pascal Podvin, senior vice president of field operations for ThreatMetrix, stated in a June 6 press release. "Crucially, this also prevents massive losses from rising fraud attacks, particularly in cases of identity spoofing.”
The companies intend to deliver the risk-based analysis and stronger authentication in real time to reduce possible service disruptions.
The security layers will also operate in omnichannel settings and comply with payments regulations globally, such as the new regulatory technical standards of PSD2 in the U.K., Hakan Nordfjell, senior vice president for e-banking and e-commerce at Gemalto, said in the release.
"For banks, this will facilitate higher adoption of digital banking across their customer base, as well as target a reduction in both false acceptance and rejection rates," he added.
For its users, ThreatMetrix and Gemalto will operate as a single vendor relationship, including contracts, maintenance, customer support and other services.
ThreatMetrix has taken part in various partnerships within the payments and financial services industries to provide screening for card-not-present transactions.
Gemalto has most recently emphasized its digital security work in helping France's national interbank network migrate its rails into mobile payments.